Australian shares fell 37 points, or 0.4%, to 8,756 in Friday morning trade, marking a fourth straight decline and tracking Wall Street’s Thursday losses as hopes for a swift resolution to the Middle East war faded. Tehran vowed to keep the Strait of Hormuz closed as long as U.S. port blockades remain, intensifying geopolitical strain. For the week, the local market is down around 2% so far, set for a second consecutive weekly loss. Inflation pressures, already above the Reserve Bank’s target before hostilities in Iran erupted, have reinforced expectations of further rate hikes at the May meeting, with March inflation data due next week in focus. Sector losses were broad, led by commercial services, financials, and non-energy minerals. Fortescue slipped 2.9% after saying guidance for FY 2026 total mining shipments remained unchanged. Other notable decliners included Northern Star Resources (-2.3%), Qantas Airways (-1.9%), Sigma Healthcare (-1.1%), and BHP Group (-0.5%).

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