Australian shares continued to retreat for the seventh consecutive day at Wednesday's close as markets reacted to the United Arab Emirates' decision to leave the Organisation of the Petroleum Exporting Countries (OPEC).
The S&P/ASX 200 Index fell 0.27%, or by 23.70 points, to close at 8,687.
Brent crude oil futures for June were trading around $111.25 a barrel after the UAE decided to exit OPEC and OPEC+, effective May 1.
Meanwhile, the Strait of Hormuz remained closed, as US President Donald Trump is said to be unhappy with Iran's latest proposal.
Further, President Trump told aides to be ready for an extended Iran blockade, the Wall Street Journal reported, citing US officials.
On the domestic front, Australia's consumer price index (CPI) rose 4.6% in the 12 months to March, up from a 3.7% increase in the year to February, according to data from the Australian Bureau of Statistics.
Trimmed mean inflation was unchanged at 3.3% in the 12 months to March compared with February.
In company news, G8 Education (ASX:GEM) plans to suspend the operation of around 40 of its centers as a result of an assessment of its network. It will transition customers to one of the nearby centers and, where possible, redeploy team members. The firm will then consider longer-term options for those centers, including lease surrender, divestment, or other alternatives. Its shares plunged 29% at market close, earlier reaching a 16-year low.
Woodside Energy Group's (ASX:WDS) operating revenue fell to $3.26 billion in the first quarter ended March 31 from $3.32 billion a year earlier. Total production in the March quarter fell year on year to 45.2 million barrels of oil equivalent (MMBoe) from 49.1 MMBoe. Its shares closed up 2%.
Lastly, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) agreed to acquire Worldline's 51% stake in their joint venture ANZ Worldline for an enterprise value of AU$89 million as part of the bank's broader 2030 strategy to enhance transaction banking capabilities.