S&P/ASX 200 Index (ASX: XJO) shares closed 0.2% lower today in the market's eighth consecutive day in the red.
The benchmark index rose 2.2% this month despite peace negotiations between the US and Iran stalling and oil prices continuing to surge.
The Brent Crude oil price rose 8.8% during April to trade above US$113.50 per barrel today, its highest level since 2022.
The Strait of Hormuz remains shut down, and the global fuel supply crisis worsens by the day.
We saw the impact in yesterday's Australian inflation data, with automotive fuel prices spiking 33% in March alone.
This contributed to annual inflation rising from 3.7% over the 12 months til the end of February to 4.6% in March.
This is well outside the Reserve Bank's target band of 2% to 3%.
The market is now pricing in a 69% chance of a third interest rate increase for 2026 in Australia next week.

Image source: Getty Images
What's happening with the Iran war today?
There are reports that the US military will brief US President Donald Trump on potential further action against Iran.
This follows the President's rejection of Iran's latest peace proposal.
Trading Economics analysts summarised the situation:
Trump … reaffirmed that the US will maintain its naval blockade until a nuclear agreement is reached, further weakening prospects for a diplomatic resolution.
Iranian authorities warned of retaliation if the blockade continues, accusing Trump of attempting to force Tehran into submission through economic pressure and internal destabilization.
Amid this uncertainty and fears of a global recession, here are the ASX shares and ETFs that investors bought and sold most this month.
Most bought ASX shares in April
The following ASX shares and ETFs were the most bought by investors using the Bell Direct trading platform this month.
The rankings are based on order of net value of buy orders, minus sell orders, placed by Bell Direct customers.
| Rank | ASX share |
| 1 | Vanguard Australian Shares Index ETF (ASX: VAS) |
| 2 | Vanguard Australian Shares High Yield ETF (ASX: VHY) |
| 3 | Vanguard MSCI Index International Shares ETF (ASX: VGS) |
| 4 | BetaShares Australia 200 ETF (ASX: A200) |
| 5 | BetaShares Australian High Interest Cash ETF (ASX: AAA) |
| 6 | CSL Ltd (ASX: CSL) |
| 7 | WiseTech Global Ltd (ASX: WTC) |
| 8 | Qantas Airways Ltd (ASX: QAN) |
| 9 | BetaShares Australian Cash Plus Active ETF (ASX: MMKT) |
| 10 | Wesfarmers Ltd (ASX: WES) |
Source: Bell Direct
Most sold ASX shares this month
| Rank | ASX share |
| 1 | Woodside Energy Group Ltd (ASX: WDS) |
| 2 | Commonwealth Bank of Australia (ASX: CBA) |
| 3 | Yancoal Australia Ltd (ASX: YAL) |
| 4 | Woolworths Group Ltd (ASX: WOW) |
| 5 | Telstra Group Ltd (ASX: TLS) |
| 6 | Rio Tinto Ltd (ASX: RIO) |
| 7 | Westpac Banking Corporation Ltd (ASX: WBC) |
| 8 | PLS Group Ltd (ASX: PLS) |
| 9 | Amplitude Energy Ltd (ASX: AEL) |
| 10 | Antipa Minerals Ltd (ASX: AZY) |
Source: Bell Direct