Australian shares plunged on Thursday as oil prices jumped after the US and Iran traded military strikes.
The S&P/ASX 200 Index dropped 1.43%, or 124.80 points, to close at 8,592.90.
Brent crude oil futures surged over 3% to nearly $98 per barrel after the US and Iran both said they targeted each other's military sites, casting a pall over hopes of a peace deal in the Middle East.
On the domestic front, Australian total household spending in April was AU$79.42 billion, up 4.9% compared with April 2025, and down 1.1% month-on-month on a current price, seasonally adjusted basis, according to a report from the Australian Bureau of Statistics.
Total new capital expenditure in Australia in seasonally adjusted terms was AU$52.57 billion in the March quarter, up nearly 15% on the same period last year, according to figures from ABS.
In company news, HealthCo Healthcare and Wellness REIT (ASX:HCW) said the Unlisted Healthcare Fund and troubled hospital operator Healthscope reached an agreement with Bethesda Health Care for the Mount Private Hospital in Western Australia.
Goodman Group (ASX:GMG) was selected as the lead development partner for Asamizodai-Araisono North Association, an association of local landowners and stakeholders, which is working on plans for a potential new data center campus in Sagamihara City in Japan.
Lastly, SiteMinder (ASX:SDR) launched its SiteMinder Powered capability, which allows select hospitality technology firms to integrate the company's distribution engine directly with their own platforms. Hospitality operating system Mews, the inaugural partner under the new capability, will integrate SiteMinder's distribution engine natively into its platform.