FEAR & GREED | Business News Afternoon Report | Market tumbles as oil surges
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Mar 12, 2026 Markets tumble as oil spikes after tanker attacks, driving big stock swings. The Aussie dollar hits a four-year high amid rate-rise expectations. A senior royal commission adviser unexpectedly resigns. KFC ramps expansion in Germany and the Netherlands. The US opens fresh trade probes into multiple countries and the EU.
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Market Drop Driven By Oil Surge
- ASX 200 fell 1.3% as oil surged after tanker attacks and Oman cleared vessels from a key export terminal.
- Brent jumped nearly 10% to just above $100 a barrel, driving energy and coal stocks higher while dragging broader market sectors down.
Rate Expectations Pressure Growth Stocks
- Rising rate expectations hit tech and property stocks with Xero down 4% and WiseTech off 2.5% as banks and miners also slipped.
- Higher yields from prospective Reserve Bank tightening pressured growth sectors while energy outperformed.
Aussie Rises On Looming RBA Tightening
- The Aussie dollar hit a four-year high near 72 US cents as markets price an ~80% chance the Reserve Bank will lift rates to 4.1%.
- Banks forecast a move and oil-driven inflation risks are increasing pressure on the RBA while other central banks consider cuts.