SYDNEY — Australian shares extended their recent slide Wednesday, with the benchmark S&P/ASX 200 index falling 25.7 points, or 0.29%, to 8,895.1 by early afternoon, dropping to a fresh six-week low as renewed violence in the Middle East pushed oil prices toward $100 a barrel and reinforced fears of another Reserve Bank interest rate hike.

The Australian share market had opened slightly higher Wednesday before dipping into negative territory, according to ABC News' live market coverage. By mid-morning, the index had fallen to a fresh six-week low, with roughly 120 of the 200 constituent stocks trading lower. The decline followed reports of explosions near Iran's Kharg Island, alongside separate reports that Iran-backed Houthi forces in Yemen had attacked Saudi Arabian energy facilities, setting oil installations ablaze.

Gold miners were among the session's hardest-hit stocks despite the broader flight-to-safety dynamics that typically accompany geopolitical escalation. Shares of Westgold Resources, Evolution Mining, Resolute Mining, Kingsgate Consolidated and Northern Star Resources all fell between 3% and 6.5%, coming after the spot price of gold dropped more than 1% overnight to $4,360 an ounce.

Wednesday's losses extend a difficult run for the local market. The ASX 200 closed at 8,920.80 on Tuesday, down 90.1 points, or 1.00%, marking its lowest closing level in six weeks and extending the index's decline for September to 1.71% month-to-date, according to........

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