The Australian sharemarket has snapped its three-day win streak amid fears of rising inflation due to the ongoing Middle East conflict and heavy falls on Wall Street overnight. The benchmark ASX 200 slumped dropped 70.90 points or 0.78 per cent to 8967.70, while the broader All Ordinaries dragged 77.00 points or 0.84 per cent to 9122.70. IG senior market analyst Tony Sycamore said the heavy falls followed a weak lead in from Wall Street overnight. Also hitting the ASX was the price of Brent Crude oil, which added a further 1.3 per cent to $US91.89 ($A132) a barrel. Lithium miner Pilbara Minerals also jumped 2.68 per cent to $4.21 after it delivered a record annual production and sales.