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Australian shares rise to 8-month highs after rising oil prices

Australian shares rose to their highest in nearly eight months, after commodity and oil prices jumped higher

Australian shares rose to levels unseen in eight months on Tuesday, lifted by rising commodity prices and supply concerns.

Oil prices

Oil prices jumped to their highest level in 2019 so far, after the US said it would eliminate all waivers that allowed Iran’s eight biggest buyers to continue purchasing limited volumes without facing US sanctions. It comes amid Iran’s already tightened US sanctions.

Crude oil jumped almost 3% on Monday, while International benchmar Brent Crude jumped 2.9% at $74.04 a barrel on Monday. WTI Crude crude jumped 2.7% to $65.70 and US crude futures last traded at $65.78 per barrel.

Australian shares

The S&P/1555-JP index reached the 6,300 level on Tuesday at time of writing, rising 0.7%.

Energy stocks added more than 2%, with Beach Energy up 4.7% and Santos up 3.2% marking the biggest gains.

Australia's main gold index dropped 1.9 % a top gold producer Newcrest Mining was down more than 2%.

Fortescue Metals Group Ltd rose a further 2.8%, following a jump the company’s stock last week. Its rivals BHP group and Rio Tinto were up 0.6% and 1.2%, respectively.

Australia’s number two bank,Westpac Banking Corp was up 0.8%, followed by another top Australian bank Australia and New Zealand Banking Group also up 0.8% respectively.

New Zealand

New Zealand's benchmark S&P/NZX 50 index rose to a record high of 10,036 points. It stood 0.6% higher at time of writing.

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