The latest flare-up in hostilities between the US and Iran have led to a 3 per cent surge in the oil price. The Australian share market is likely to start its day lower. House prices are falling in most of the nation's capital cities. Follow the day's events on the ABC News live markets blog.

The price of oil rose and stocks fell on Wall Street after the US launched its first military action in a month against Iran.

The latest flare-up in hostilities between the US and Iran have led to a 3 per cent surge in the oil price. The Australian share market is likely to start its day lower. House…