Australia's share market is pointing downward, after oil prices rebounded as Iranian officials threatened to abandon US peace talks should Israel's attacks on Lebanon continue.
The S&P/ASX200 fell 81.9 points by midday on Tuesday, to be down 0.94 per cent to 8,647.5, as the broader All Ordinaries dipped by 83.9 points, or 0.87 per cent, to 8,891.9.
The drop came after crude oil jumped around six per cent overnight after tensions in the Middle East escalated.
"The news raised concerns the conflict could broaden, prompting fears of potential disruptions to energy supply and so driving oil prices higher," Moomoo dealing manager Chris Strazzeri said.
Local energy stocks rose 0.9 per cent as Brent crude hovered near $US95 a barrel, as Woodside, Santos and coal miners forged ahead.
