ASX 200 climbs as mining, oil stocks rally; $A slips after Hamas’ Israel attack

The Australian sharemarket was pushed higher by a rally in energy and mining stocks as the oil price surged in Asia after Hamas’ bloody weekend incursions into Israel. The benchmark S&P/ASX 200 jumped 34 points, or 0.5 per cent, to 6988.2 at midday after the shock attacks on Israel sent oil surging more than 4 per cent and investors piled into gold as a safe haven asset. A rally on Wall Street also buoyed the sharemarket as investors shrugged off better-than-expected US jobs figures.

Oil soared more than 4 per cent as traders reacted to the unexpected attacks by Hamas that left hundreds dead. West Texas Intermediate was trading over $US86 a barrel Monday. Local energy stocks rallied with Woodside Energy up 3.1 per cent, Santos climbing 2.9 per cent and Ampol gained 1.6 per cent.

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