Ahead of the local open SPI futures were 7 points higher at 8997.
- close [Morningstar with AAP]: Australia's share market has clutched a fourth straight session of gains, buoyed by miners as oil prices extended losses with more details of the US-Iran peace deal emerging.
The S&P/ASX200 overcame an early slump to gain 48.6 points on Wednesday, up 0.54 per cent, to 8,966.3, as the broader All Ordinaries advanced 54.6 points, or 0.6 per cent, to 9,185.9.
Energy stocks fell more than two per cent as oil prices dropped to levels not seen since the first days of the Persian Gulf conflict, amid reports both Iran and the US claim the Hormuz Strait - a thoroughfare for a fifth of global crude and natural gas supplies - could be open by Friday.
Resurgent investor confidence helped miners rally as gold stocks bounced and the financial sector firmed to three-week highs as Macquarie shares topped $250 for the first time.
"The ASX 200 certainly has a spring in its step, and it's looking like we're closing in on a test of that mid-April high," IG market analyst Tony Sycamore told AAP.
"In terms of the best performing areas today it has been the heavy materials sector, we're seeing good gains from copper miners and from gold miners, but over in the iron ore space, iron ore futures have slipped below $US100 per tonne and that is weighing on Rio Tinto and Fortescue."
BHP's copper exposure helped it hit a fresh intraday high of $65.98, while battery minerals and rare earths producers also advanced.
Now Australia's largest company, BHP has continued to surge while the major banks have lost ground as higher interest rates weigh on the domestic growth outlook, Global X investment strategist Justin Lin said.
"The banks are closely tied to the Australian economy and are facing increasing pressure from weaker credit growth, stretched households and a more difficult interest rate environment," he said.
The All Ordinaries gold sub-index surged almost four per cent higher, as the precious metal continued its recent rebound from to trade near $US4,326 ($A6,130) an ounce after falling to November lows a week ago.
The energy shock's impact on inflation expectations had heightened the pressure on global central banks to tighten interest rates, but some of that tension is unwinding as investors look to oil and gas supplies normalising.
Travel companies and airlines continued to improve, with Virgin Australia, Flight Centre and Web Travel all clocking solid gains.
Consumer discretionaries and IT stocks also sailed higher on improving sentiment, up more than 1.2 per cent each.
In company news, ARN Media rocketed more than 30 per cent higher it settled its legal battle with Karl Sandilands for $12.1 million, following the termination of his $100 million, 10-year Kyle and Jackie O Show contract.
The Australian dollar is buying 70.58 US cents, down from 70.68 US cents on Tuesday at 5pm.
ON THE ASX:
The S&P/ASX200 gained 48.6 points, or 0.54 per cent, to 8,966.3
The broader All Ordinaries rose by 54.6 points, or 0.6 per cent, to 9,185.9
The NZX 50 Lost -45.28 points (-0.34%) to 13347.7
