Renewed fighting between the US and Iran has sent oil prices higher and stoked inflation fears. -AAP Image
Australia's share market has started the week flat as renewed fighting in the Persian Gulf boosts oil prices and weighs on mining stocks.
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The S&P/ASX200 rose 2.5 points on Monday, up 0.003 per cent to 8,808.5, as the broader All Ordinaries slipped 0.7 points, or 0.01 per cent, to 9,003.
Miners were under renewed selling pressure after a brief reprieve on Friday, as investors continued to rotate into resurgent financial stocks, which have gained more than six per cent since mid-June.
The Australian dollar is buying 69.30 US cents, down from 69.50 US cents on Friday at 5pm, as safe haven buyers retreat to the greenback.
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