Oil surges above $US114, Wall Street falls on AI sell-off | Finance Report | ABC NEWS
Oil prices have surged to a five-month high, above $US114 per barrel, on concerns the US will start attacking Iran again after the November mid-term elections. It’s raising concerns about stubborn inflation and further interest rate hikes.
Those concerns led to a sharp fall in the gold price and a sell-off across AI-centric markets like Wall Street’s Nasdaq 100, which plunged by almost 3 per cent.
In a rising interest environment, investors are getting worried about the huge spending and increasing debt levels of Microsoft, Meta (Facebook), Alphabet (Google), Oracle, Amazon and other AI ‘hyperscalers’.
The Australian share market finished trading practically flat.
Presented by David Chau.
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Read more here: https://www.abc.net.au/news/2026-10-23/asx-markets-business-news-live-updates-oct-23/107291840
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