Energy-linked stocks are rising across the world as Israel and Iran continue to bomb each other. -AAP Image
Australia's share market has started the week almost flat, as escalating conflict in the Middle East weighs on confidence and a surging oil price ignites inflation concerns.
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The S&P/ASX200 rose 1.5 points, or 0.02 per cent, to 8,548.9, as the broader All Ordinaries gained 4.8 points, or 0.05 per cent, to 8,775.4.
Six of 11 local sectors traded higher on Monday, led by a 5.4 per cent rally in energy stocks after oil prices surged to three-month highs as Israel and Iran escalated attacks on each other over the weekend.
The financial sector finished the day 0.1 per cent weaker, while materials stocks faded 0.9 per cent due to weakness in large cap miners and as gold retreated from within striking distance of all-time highs after spiking when the air strikes began late last week.
The Australian dollar is buying 64.99 US cents, reclaiming some ground since Friday afternoon when it slipped to 64.76 US cents in the aftermath of Israel's first air strikes on Iran.
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