By Derek Rose

The local share market has suffered its worst single-day loss in 11 months amid the widening war in the Middle East and a spike in oil prices.

The benchmark S&P/ASX200 index on Monday dropped 252 points, or 2.85 per cent, to 8599, its lowest level since mid-December.

The broader All Ordinaries fell 2612.5 points, or 2.88 per cent, to 8823.6.

The ASX200 fell even further shortly after midday, dipping as low as 4.4 per cent in intraday trading, but managed to steadily claw back a bit of ground in afternoon trading to finish near the highs of the day.

But the losses were still the ASX’s worst since a 4.2 per cent plunge in April 2025 prompted by US President Donald Trump’s intensifying trade war.

The rout left the ASX200 at its lowest level since mid-December and wiped out almost $90 billion in value from the index’s market capitalisation.

The Aussie dollar was buying 70.11 US cents, down from 70.32 US cents on Friday afternoon.