Australian shares have jumped 0.9 per cent to 7345.2 in the opening minutes of trade, boosted by a rally in energy and materials stocks.
The spike in oil prices supported companies in the energy sector; Beach Energy climbed 4.8 per cent to $1.65, Woodside Petroleum rose 3.5 per cent to $32.75 and Santos added 2.4 per cent to $7.80.
Strong gains posted by the major miners also supported the market; BHP rose 4.1 per cent to $48.36, Rio Tinto advanced 3.2 per cent to $113.99, and Fortescue jumped 2.4 per cent to $19.16.
New Hope Corporation jumped 8.2 per cent to $3.17 after reporting its first half results.
Boral dropped 4.9 per cent to $3.28 after announcing that extreme rainfall across NSW and Queensland in late February and early March have adversely impacted its earnings by around $23 million.
