The S&P/ASX 200 Index (ASX: XJO) is back in the red on Thursday as investors react to another jump in oil prices.
At the time of writing, the ASX 200 is down 0.53% to 8,738 points.
The move has the benchmark index on track for its third straight decline, with weakness across the big miners and banks weighing on the market.
At the latest check, 113 stocks are lower, 80 are higher, and 7 are unchanged.
Here's a closer look at today's fall.
Image source: Getty Images
Oil is back on the agenda
Oil prices are giving investors something else to worry about today.
According to Trading Economics, Brent crude rose to around US$78.80 a barrel after fresh US strikes on Iran, while WTI crude was trading near US$74.26 a barrel.
The move is helping parts of the energy sector, but it is not doing much for the broader mood across the ASX 200.
With inflation, rates, and global growth already weighing on the market, higher oil prices have only added to the pressure.
Miners and banks weigh on the market
Most of the damage is coming from the big miners and banks.
BHP Group Ltd (ASX: BHP) shares are down 1.93% to $56.40, while Rio Tinto Ltd (ASX: RIO) has fallen 3.98% to $157.33.
The major banks are also softer.
Commonwealth Bank of Australia (ASX: CBA) shares are down 0.42% to $167.47, National Australia Bank Ltd (ASX: NAB) has slipped 1.21% to $39.11, and ANZ Group Holdings Ltd (ASX: ANZ) is 1.23% lower at $35.43.
Westpac Banking Corp (ASX: WBC) is holding up better, edging 0.06% lower to $36.23.
Energy and defensives offer support
There is still some support around, which is stopping the ASX 200 from falling further.
Woodside Energy Group Ltd (ASX: WDS) shares are up 1.8% to $29.39, while Santos Ltd (ASX: STO) has added 1.67% to $7.625.
CSL Ltd (ASX: CSL) is also doing some work, rising 1.86% to $126.61.
The supermarkets are helping as well. Woolworths Group Ltd (ASX: WOW) shares are up 0.46% to $40.085, while Coles Group Ltd (ASX: COL) has lifted 0.96% to $23.635.
But even with those gains, the ASX 200 is still struggling to get back on the front foot.
Can the ASX 200 recover today?
The ASX 200 still has time to recover, but it needs more help from the usual heavyweights.
Energy stocks and defensives are doing their bit, but the weakness in miners and banks is making it hard for the index to turn positive.
A lot may depend on whether BHP, Rio Tinto, and the major banks can steady into the afternoon session.
If they do, the ASX 200 could claw back some of today's losses.
