The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) jumped 0.8% higher at the open, driven by large gains in big cap oil stocks.
Overnight, Brent crude oil soared more than 10%, its biggest gain in six years as bearish speculators were forced to cover their positions amid news of diminished crude supplied. Analysts expect it could continue for another day or two.
In early trading, Santos Limited (ASX: STO) jumped 8.8% to $5.46, Origin Energy Limited (ASX: ORG) gained 6.3% and BHP Billiton Limited (ASX: BHP) added 5.7%.
Woodside Petroleum Limited (ASX: WPL) gained 3.8%.
Woolworths Limited (ASX: WOW) has turned around early falls, and is now up 0.6% after reporting a plunge in profits.
In other news, Blackmores Limited (ASX: BKL) share price has surged another 3.6% to a monster high of $112.95, with some analysts targeting $150 per share.