Australian shares slipped on Monday as softer commodity prices weighed on miners, while gains in energy stocks capped further losses as the Middle East conflict entered its third week, fanning inflation worries and reinforcing bets on a central bank rate hike. The S&P/ASX 200 index fell 0.6% to 8,565.40 points as of 2338 GMT. Until last week, the benchmark had lost 6.3% since the start of the conflict. US officials said on Sunday that the conflict with Iran would end within weeks, easing energy prices, even as Iran asserts that it is ready to defend itself. The uncertainty surrounding the conflict stoked global inflation concerns. This has led to increased expectations of a rate hike by the Reserve Bank of Australia, with all the big four banks predicting a hawkish move. A strong majority of economists, 23 of 30, forecast a 25 basis-point increase in the cash rate on Tuesday, while seven expected no change, according to a Reuters poll. Markets imply nearly a 75% chance of a 4.1% rate hike by the monetary policy board this week, and are fully priced for a rate at 4.35% by August. Financials dipped 0.1% with Westpac Banking down 0.4%. Heavyweight miners lost as much as 2.9%, its lowest since January 5, pulled lower by weaker copper prices. Rio Tinto and BHP Group declined 2.6% and 1.1%, respectively. A fall in gold prices, pressured by a firmer dollar, further weighed on the sub-index. Gold stocks slid as much as 5% to three-month lows. Evolution Mining and Northern Star Resources fell 2.5% and 5%, respectively. Energy sub-index rose 1.4% as the ongoing disruption from the closure of the Strait of Hormuz lifted oil prices by over 2%. Energy producers Santos and Woodside Energy advanced 0.9% and 2.8%, respectively. Meanwhile, New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to 13,139.30.