Australian shares slip as markets mull Iran situation
Australian shares lost ground as traders hold out hope for constructive talks in the Middle East. -AAP Image
Australia's share market has handed back its early gains with interest, as investors weigh clashing statements from the US and Iran on a potential path to de-escalation.
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The S&P/ASX200 fell 8.6 points on Thursday, down 0.1 per cent, to 8,525.7, as the broader All Ordinaries lost 18.8 points, or 0.21 per cent, to 7,726.5.
Traders are closely watching for any progress in talks between US and Iranian officials, following early reports Tehran has rejected a 15-point peace plan and issued its own demands for de-escalation in the Persian Gulf.
Local energy stocks rebounded from Wednesday's sell-off as oil edged higher, with investors' cautious optimism fading over the course of the trading session.
The Australian dollar is buying 69.54 US cents, down slightly from 69.55 US cents on Wednesday at 5pm.
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