Australian stocks fell 1.2% to 8,658.10 on Thursday, reaching a more than three-month low as a nearly 4% overnight oil surge revived concerns that inflation would remain persistent and interest rates stay high. The S&P/ASX 200 earlier fell as much as 1.4%, while government bond yields rose across maturities. The Reserve Bank of Australia has lifted its cash rate by 75 basis points this year and has warned that further increases may be needed. Investors were awaiting monthly employment data, the last major economic report before next week’s policy meeting. Resources fell 2% as copper prices retreated, while BHP and Rio Tinto declined; financials dropped 1.5%, with all four major banks lower. Energy gained 1.1%. New Zealand’s S&P/NZX 50 fell 0.3% for a second session.