Affected by the weakness in oil prices, Australian energy stocks fall to the lowest level since the end of February.

The Australian energy stock index fell by 1.2%, hitting its lowest level since the end of February. On Tuesday, oil prices continued to decline, with Brent crude futures approaching a four-month low, as tanker traffic in the Strait of Hormuz increased and negotiations between Oman and Iran continued over navigation permit management issues. Major oil producers Santos and Woodside Energy fell by 1% and 1.8% respectively. Refiner Viva Energy fell by 2.9%, following a 2.4% decline in the previous trading session. So far this year, the index has risen by 13.5%, with the biggest gains concentrated in March - the first month of the US-Iran conflict.