ASX extends losses as Gulf worries buoy oil prices
Australia's benchmark bourse has dropped again as the Middle East energy shock drags on sentiment. -AAP Image
Australia's share market has notched a sixth straight session of losses, falling on reports the US will likely reject an Iranian plan to open the Strait of Hormuz.
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The benchmark S&P/ASX200 index fell 55.7 points on Tuesday, down 0.64 per cent, to 8,710.7, as the broader All Ordinaries slipped 55.8 points, or 0.62 per cent, to 8,935.
The continued slump came as oil prices pushed higher, following reports the US will reject an Iranian proposal to delay nuclear negotiations in order to prioritise the opening to the Hormuz Strait, a choke point for a fifth of global crude supply
Miners, retailers, utilities, IT and real estate stocks weighed heavily on the bourse as investor sentiment continued to sour.
The Australian dollar is buying 71.74 US cents, up from 71.65 US cents on Monday at 5pm.
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