A grim warning from US President Donald Trump sank the Australian market, and lifted world oil prices, as traders fear an escalation to the conflict in the Middle East.
The benchmark ASX 200 dropped 92.30 points or 1.06 per cent to 8579.50, while the broader All Ordinaries fell 110.70 points or 1.25 per cent to 8774.90.
On another poor day of trading for the local market, nine of the 11 sectors fell, led by technology, materials and healthcare stocks.
WiseTech Global shares sank 4.30 per cent to $37.88, Xero shares dropped 3.81 per cent to $74.06 and Technology One shares gave up 3.55 per cent to $26.91.The major three iron ore miners all dropped on rising fuel costs.