The ASX200 has been down 0.75% at 8,140 points in early afternoon trade.
The intensification of conflict in the Middle East caused the oil price to spike 5% overnight.
The Aussie Energy sector has responded by being the best performing sector, up 2.2%, and all other sectors are in the red with Materials shedding 1.7%, followed by Utilities and Financials, both down around 0.9%.
Company News
White Cliff Minerals (ASX:WCN) has been up more than 7% after hitting copper rock chips with extremely high grades in Canada.
White Cliff Minerals has been 2.3 cents.
Black Cat Syndicate (ASX:BC8) has been flat after the first bar of gold was poured from its 100% owned Myhree project.
Black Cat Syndicate has been trading at 49.5 cents.
Woodside (ASX:WDS) has been up 2.76% after the oil price jumped 5% overnight.
Woodside has been trading at $26.75.