Australian shares closed lower on Tuesday, pulled down by energy and mining stocks, as investors grappled with the prospect of a US ban on oil imports from Russia, while New Zealand equities entered correction territory.

Australia’s S&P/ASX 200 index closed 0.8% lower at 6,980.30, extending losses to a third session.

Oil prices see-sawed near 14-year highs as the United States considered acting alone to ban Russian oil imports rather than teaming up with its European allies.

Energy stocks slid 3.6% in their worst session in more than a month, after jumping 5.3% in the previous session. Sector heavyweights Woodside Petroleum and Santos dropped 4.2% and 3.8%, respectively.

“There might be a bit of profit-taking going on,” said Brad Smoling, managing director at Smoling Stockbroking.

“Big resources, commodities and energy stocks are definitely going upward and I don’t see that changing.”

Viva Energy declined 4.2% as the refiner said it would stop buying Russian crude oil, joining a growing number of companies including Ampol to sever trade ties with the country over its invasion of Ukraine.

Iron ore prices fell for the first time in seven sessions, sending the Australian metals and mining sub-index down 3.6% to its worst session in more than a week.

Rio Tinto, Fortescue Metals Group and BHP Group fell between 3.7% and 4.5%.

Meanwhile, shares of export-focused healthcare companies advanced 1.9%. Imugene and CSL led the gains, rising 4.4% and 2.8% respectively.

Gold stocks added 1.2% after bullion prices rose overnight. Northern Star Resources and Newcrest Mining ended 1.2% and 1.1% higher, respectively.

Financials closed flat, with two of the “Big Four” banks up between 0.2% and 1%.

Data on Tuesday showed the country’s business conditions rebounded in February as Omicron cases reduced and supply bottlenecks across industries eased.

New Zealand’s benchmark S&P/NZX 50 index fell 1.4% to 11,744.95, retreating 10.7% since hitting a record closing high on Jan. 5.

Air New Zealand was down 6.5%, while Auckland International Airport dropped 2.9%.