Updated Sep 8, 2026 – 4.30pm, first published at 4.30amKey Posts4.27PM — Sep 8, 2026Rio snaps up Queensland bauxite mine from Glencore4.26PM — Sep 8, 2026ASX drops 1pc on oil, rate fears; ANZ off 2pc4.00PM — Sep 8, 2026Gold gains as US dollar eases3.32PM — Sep 8, 2026Aussie dollar hits highest level against euro since 20243.04PM — Sep 8, 2026Westpac becomes last big four bank to tip rate rise2.40PM — Sep 8, 2026ASX hits six-week low after RBA rate rise commentsGo to latestPinned post – 4.26PM – Sep 8, 2026ASX drops 1pc on oil, rate fears; ANZ off 2pcCecile LefortThe Australian sharemarket closed at a six-week low on Tuesday as rising oil prices and mounting fears of interest rate rises in Australia weighed on investor sentiment.The S&P/ASX 200 tumbled 1 per cent, or 90.1 points, to 8920.8, the lowest level since July 27, as eight out of the 11 sectors fell in the red, led by banks and technology stocks.The sell-off followed a third day of gains for oil that has pushed Brent trading near $US100 a barrel after Iran claimed it fired an advanced missile at US warships. Escalating Middle East tensions continue to push up energy prices, stoking concerns over persistent inflation and higher interest rates.“We believe that oil prices will remain higher for longer, with minimal chance of any short-term recovery to pre-conflict levels,” said VanEck head of investments and capital markets, Russel Chesler.“The Middle East conflict is showing no signs of a resolution, and that will leave the Reserve Bank of Australia with no choice but to increase rates at its meeting later this month,” he said.1 / 4Fetching latest articles