The Australian sharemarket has retreated at the open while oil prices surged after the United States and Iran escalated their grapple for control over the Strait of Hormuz.

Futures were pointing to a solid 0.4 per cent rise on Monday morning for the ASX, but that was before the US president threatened to “shower” Iran in missiles.

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

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

ASX futures climb before Trump threatens Iran with more strikes; Iran closes Hormuz; Brent closes at $US76 a barrel on Friday; $A at US69.84c. Follow live.

SYDNEY, July 13 : Share markets slid in Asia on Monday as fighting intensified in the Gulf and Iran claimed to have closed the vital Strait of Hormuz, sending oil prices surging…

SYDNEY, July 13 : Share markets slipped in Asia on Monday as fighting intensified in the Gulf and Iran claimed to have closed the vital Strait of Hormuz, sending oil prices…

US shares have retreated as Donald Trump announced he would try to charge fees on cargo ships in Hormuz; Oil jumped as traders priced in a 50-50 chance of a rate hike. Follow live…

The Australian sharemarket has retreated at the open while oil prices surged after the United States and Iran escalated their grapple for control over the Strait of Hormuz.

Oil prices are climbing following a weekend of attacks in the Middle East, while more losses for computer chipmakers and other winners of the artificial-intelligence boom weigh on…

Oil prices soar more than 9 per cent as the US president threatens to blockade the Strait of Hormuz. Follow the day's events and insights as they happen with our business…