Kathmandu. Australia’s stock market fell 1.4% in early trading on Monday. The market is under pressure due to the continuous rise in global oil prices.

The S&P/ASX 200 index fell 1.4 per cent to 8,397 points in the first hour of trading on Monday. The index was down from Friday’s close of 8,516.3 points.

As of Monday morning, the index has lost nearly 8.7 percent in the past month.

The ongoing conflict in the Middle East has pushed global oil prices closer to $120 a barrel, which has negatively affected the stock market, analysts said.

The financial and health sectors saw a sharp decline in Monday morning’s trading.