FEAR & GREED | Business News Afternoon Report | ASX tumbles
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Mar 9, 2026 Markets stumble as ASX200 drops amid a sharp oil surge and geopolitical tension. Energy stocks climb while banks, tech and materials take hits. Airlines expand rebooking and refund options as Middle East turmoil disrupts travel. Concerns rise for Iran’s women’s soccer team visiting Australia. Report highlights baby boomer wealth dominance and a surprise rapper-turned-politician victory in Nepal.
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ASX Crash Driven By 30% Oil Spike
- The ASX 200 plunged 2.9% (as much as 4.3%) after crude jumped ~27% to $118 a barrel due to Strait of Hormuz shipping disruptions.
- The oil shock rekindled inflation fears and rate-hike risk while energy stocks like Karoon and Yankol surged double digits.
Check Airline Refund Policies Immediately
- Airlines are expanding free rebookings and refunds for Middle East travel as conflict disrupts flights through March dates.
- Emirates, Qatar and Etihad set varying covered travel windows and Qantas matched Emirates for partner flights; check policies before travelling.
Iran Team Faces Safety And Asylum Questions
- Iran's women's soccer team faced backlash for not singing the anthem, raising safety and asylum concerns in Australia.
- Politicians and advocacy groups urge humanitarian protection while Foreign Minister Penny Wong declined to confirm direct contact.