It was a sea of red on the ASX 200 on Thursday as a jump in oil prices “smashed” the Australian sharemarket, leading to one of the weakest days of trading for the year. The benchmark ASX slumped 92 points or 1.03 per cent to 8819.40, while the broader All Ordinaries sold off 94.60 points or 1.04 per cent to 9008.30.The Australian dollar slipped after its recent run higher, buying 72.14 US cents. On an overall weak day of trading, 10 of the 11 sectors finished in the red, with big falls in materials, technology and financial stocks.Telecommunications was the only sector to eke out a small gain. All three of the iron ore giants slumped, with BHP down 1.77 per cent to $63.44, Rio Tinto sank 2.71 per cent to $174.47 and Fortescue dropped 2.39 per cent to $17.19.Australia’s major four banks also fell, with Commonwealth down 1.32 per cent to $153.20, National Australia Bank dropped 1.44 per cent to $37.72, Westpac lowered 1.57 per cent to $33.85 and ANZ slipped 0.38 per cent to $36.65.Leading to the declines on the ASX was soaring oil prices which surpassed US$101 ($A140) due to ongoing tit-for-tat attacks between the US and Iran. Global X ETFs investment strategist Justin Lin oil is really smashing the Australian market on Thursday. “With Brent crude back above US$100 a barrel, investors are being forced to confront the prospect that inflation could remain higher for longer and that the RBA may have more work to do.”“For an economy already dealing with sticky inflation, another meaningful increase in energy costs is exactly what the market does not want to see.”In company news, Eagers Automotive shares jumped 3.09 per cent to $20.32 after it announced it has entered into a non-binding agreement to acquire 50 per cent in Zagame Automotive group. GrainCorp shares slumped 4.03 per cent to $6.66 after the company reaffirmed its FY26 guidance forecast of earnings before interest taxes depreciation and amortisation will come in at between $200-240m, while net profits after tax will be between $20-50m. Nine Entertainment shares fell 1.86 per cent to $0.79 following an announcement that the English Premier League will stay on Stan Sports until 2034, after signing a six-year deal at a reported cost of $830m. Breville Group shares slipped 0.41 per cent to $31.31 following revelations chief executive James Clayton sold off more than $4.4m worth of shares this month. Gold miner West African Resources shares jumped 2.91 per cent to $3.89 due to first-half net profit after taxes came in at $437m allowing the company to declare a special dividend of 20 cents per share. US chips behemoth Nvidia has signed a deal with data centre operators in Australia, including Firmus, AirTrunk, NextDC, CDC, Sharon AI, Iren, Reset Data and Megaport.Instead of building the data centres themselves, Nvidia is providing AI chips and software to the eight Aussie businesses who will build and run the facilities. Read related topics:ASX