The local sharemarket posted a volatile start to the week on Monday, with gains early in the day all but erased by market close.

The local sharemarket posted a volatile start to the week on Monday, with gains early in the day all but erased by market close.

Markets face more uncertainty after a wave of strikes on Iran over the weekend and Tehran closed the Strait of Hormuz to shipping.

The Australian sharemarket has opened stronger, shrugging off another rise in oil prices, after an unexpectedly sharp slowdown in US inflation fuelled gains on Wall Street.