Australia's sharemarket has fallen to a seven-week low, as the ongoing conflict in Iran bolsters oil prices and inflation fears darken the global economic outlook.
The S&P/ASX200 fell 125.5 points on Monday, down 1.45 per cent, to 8,505.3, as the broader All Ordinaries tumbled 135.2 points, or 1.52 per cent, to 8,735.4.
Energy was the only sector to carve out a gain for the session, while basic materials, industrials stocks and real estate trusts weighed heavily as traders mulled a sustained high fuel cost and interest rate environment.
The Australian dollar is buying 71.32 US cents, down from 71.59 US cents on Friday at 5pm.
