MT Newswires -ShutterstockAustralian shares declined on Friday, as concerns over inflation rose after oil prices jumped above the $100-mark. The S&P/ASX 200 Index declined 0.75%, or by 66.70 points, to close at 8,772.30. Overnight, the Nasdaq Composite index on Wall Street fell 2.2%, the S&P 500 retreated 1.2%, and the Dow Jones declined 1%. The Iran-aligned Houthis struck Saudi Arabian tankers in the Red Sea even as shipping remains constricted in the Straits of Hormuz. US President Donald Trump threatened to escalate the conflict with Iran after the attacks in the Red Sea.