Australian shares traded flat on Monday as oil prices surged to over $90 per barrel, driven by escalating US-Iran tensions and a technology-led selloff.The S&P/ASX 200 Index edged up 6.8 points to 8803.5, but six of 11 sectors dragged on the benchmark.Rising oil prices, fueled by attacks on the Strait of Hormuz, raised inflation concerns and pressured equities.Tech stocks fared poorly, with WiseTech Global down 2.6% and Xero losing 1.1%, following a Nasdaq decline.Materials and mining sectors also faced headwinds as investors worried about potential Fed rate hikes.Meanwhile, energy stocks like Ampol and Santos rose, while South32 surged after exceeding production targets.Government-backed funding for New Zealand's cement plant and approval for Dreamworld's Coomera development boosted specific stocks.The market remains volatile amid geopolitical risks and economic uncertainty.