Miners, banks sharply lower as ASX slumps; Trump sends oil price warning

ASX set to slump, Wall Street falls as oil climbs to its highest mark since May

Oil hits $105+ (Iran war blocks Hormuz) crashing markets—S&P -0.5%, ASX -1%; Fed rate hike 72% probable. Inflation at 5.4% with higher rates ahead compresses IT budgets, raises infrastructure costs, delays enterprise digital transformation and AI investments.