Australian shares were little changed on Friday as financial losses offset gains in miners, with investors wary after Iran rejected a US proposal to end the nearly four-week conflict that has roiled global markets.

The benchmark S&P/ASX 200 index fell 0.1% to 8,516.30 points, but still snapped a three-week losing streak, rising about 1.2% for the week. The gains were underpinned by softer-than-expected inflation data and earlier optimism around a possible ceasefire, which helped the index recover some lost ground.

Sentiment remained fragile after an Iranian official dismissed Washington’s proposal as “one-sided and unfair,” even as the United States extended a deadline to strike a deal or face strikes on power infrastructure, underscoring the uncertain course of the conflict.

“If the war continues, risks to growth and inflation will compound and weigh on equities. De-escalation relief could trigger a rally, though any recovery could be slow due to broader implications,” said Kyle Roda, senior financial markets analyst at Capital.com.

The Reserve Bank of Australia raised interest rates to 4.1% for the second meeting in a row this month as rising energy costs and global uncertainty continue to weigh.

Miners were broadly flat on the day but remained under pressure from weaker commodity prices and were on track to snap an eight-month winning streak.

Gold shares, down 1.5%, extended losses to lose more than 28% in March, heading for their worst month since June 2013, as a stronger dollar and rising bond yields pressured bullion prices.

Financials fell 0.2%, marking the fifth straight week of declines, with three of the big four banks losing between 0.2% and 1.5%.

Energy stocks rose 0.9% as higher oil prices continued to support the sector. The sub-index is set for its seventh consecutive weekly gain, last seen in April-May, 2018. Santos added 1.1%.

New Zealand’s S&P/NZX 50 index fell 0.3% to 12,935.39 points.