Shares dip, oil soars after Trump ramps up Iran threats
US President Donald Trump's live address has done nothing to calm nervous markets. -AAP Image
Aussie shares have tumbled and oil is surging, after US President Donald Trump threatened to send Iran "back to the Stone Ages" while declaring his military campaign nearly complete.
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The S&P/ASX200 reversed early gains to end 92.3 points lower on Friday, down 1.06 per cent, to 8,579.5, as the broader All Ordinaries lost 110.7 points, or 1.25 per cent, to 8,774.9.
The retreat came after Mr Trump used a prime-time address to announce the Iran conflict would end soon, but not before the US ramped up its attacks, including on energy infrastructure if no deal was reached.
He offered no plan to reopen the blockaded Strait of Hormuz, instead suggesting nations depending oil moved through it to buy US crude or "take" the strait themselves.
Oil prices, which had eased to around $US100 a barrel on hopes the campaign would be winding down, soared after the speech above $US107 by the ASX close.Â
The Australian dollar is buying 68.79 US cents, down from 69.05 on Wednesday at 5pm, the Aussie fading as risk sentiment soured.
