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Adrian Black

EXPLAINED: Australian shares slump amid oil s rollercoaster ride - The Real Truth

Oil Australia United States Middle East Kyle Rodda Group of Seven Woodside

Crude oil prices surged more than six per cent during local trading. (Mick Tsikas/AAP PHOTOS)

Australian shares have nosedived on reports Iran has attacked two oil tankers in Iraqi waters, snuffing de-escalation hopes and slingshotting crude prices skyward.

The S&P/ASX200 tumbled 114.5 points on Thursday, down 1.31 per cent, to 8,629, wiping all but 30 points of previous two sessions' gains.

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