Mining Stocks Take a Beating as Oil Prices Soar The Australian share market has experienced its worst week since March 2020 due to a perfect storm of negative factors affecting mining stocks.
Brent crude oil prices have surged to four month highs, just below $110 per barrel, driven by ongoing conflict in Yemen and unconfirmed reports of tanker attacks near the Strait of Hormuz.
This development is particularly concerning for investors who had counted on commodity price increases to boost their portfolios. The benchmark S&P/ASX200 index has fallen 112.