The ASX 200 fell on Trump's latest announcement
The Australian sharemarket snapped its recent record run after US President Donald Trump and Iran defence minister Aziz Nasirzadeh exchanged threats.
The benchmark ASX 200 index slid 27 points or 0.31 per cent to 8,565.10, after reaching a record close on Wednesday on the back of trade talks.
The broader All Ordinaries also fell, losing 23.60 points or 0.27 per cent closing at 8,796.00.
The Australian dollar slipped 0.25 per cent and is now buying 64.92 US cents.
Seven of the 11 sectors actually finished in the green, led by energy stocks but a fall in the index heavy banks and material shares dragged the market lower.
Despite the market falling, seven of the 11 sectors finished in the green. Picture: NewsWire / Jeremy Piper
The market initially traded higher before falling throughout the day, on the back of commodity prices after Mr Trump and Mr Nasirzadeh exchanged threats as the US President vowed to not let Iran enrich its uranium.
Despite the price of oil spiking by 5 per cent to nearly $US70 a barrel it was a mixed day for the producers.
Woodside Energy shares slipped 0.21 per cent to $23.47, while Santos is up slightly by 0.15 per cent to $6.71.
Gold miners were among the major winners with Northern Star Resources up 1.23 per cent to $21.43, while Newmont jumped 2.98 per cent to $83.21 and Genesis Minerals soared 6.03 per cent to $4.75.
On the other hand, the index heavy financials slipped during Thursday's trading.
Commonwealth Bank fell 0.48 per cent to $180.53, NAB dropped 0.20 per cent $38.99, Westpac slumped 0.83 per cent to $33.35 and ANZ finished in the red down 0.50 per cent to $29.79.
Capital. Com senior financial market analyst Kyle Rodda said Thursday's run up in the oil price built on a move that began with hopes from the US-China trade progress.
'News out of the Middle East that diplomats were being evacuated from the US embassy in Baghdad due to threats from Iran sparked fears about disruptions in energy markets and unsettled broader market sentiment,' he said.
The ASX 200 snapped a winning streak on Thursday. Picture: NewsWire / Christian Gilles
Mr Rodda also said data out of the US showed it had dipped further into its oil reserves than predicted.
'The imbalance between the supply and demand outlook in oil markets, especially after OPEC's recent decision to not increase output in July, appears to be reversing, pushing up oil prices. Last night's rally drove oil prices through a critical resistance zone.'
In company news, shares in online luxury fashion retail platform Cettire slumped 31.18 per cent to a record low price of $0.32 after a major profit warning.
Shares in Myer also fell 0.7 per cent to $0.69 after the department store retailer told the market director Jacquie Naylor would retire from the board after six years in the job.
Monash IVF shares were on the rise up 9.1 per cent to $0.66 after announcing chief executive Michael Knaap had left the business after a second embryo mix up in three months.
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