Updated May 10, 2018 09:30:04

Australian shares are set to follow Wall Street higher, as surging oil prices boosted US energy stocks.

This follows US President Donald Trump's decision yesterday to quit its nuclear deal with Iran, and re-impose sanctions on the country.

Brent crude oil surged by more than 3 per cent overnight to $US77.35 a barrel, its highest price in more than three years.

Investors were worried Mr Trump's decision would increase the risk of conflict in the Middle East, and restrict oil supply around the globe — particularly given Iran is one of the largest oil producers in the world.

The Dow Jones lifted 182 points, or 0.75 per cent, higher at 24,543. The S&P 500 and Nasdaq surged by 1 per cent each.

Aside from Energy, technology and financials were also the best-performing sectors on Wall Street.

Supermarket giant Walmart fell 3 per cent after it bought a majority stake in Indian e-commerce firm Flipkart for about $US16 billion.

AMP held to account

Embattled wealth manager AMP will front disgruntled shareholders at its annual general meeting in Melbourne today.

Anticipating a shareholder revolt, three directors have stepped down ahead of its AGM — after damaging information was revealed about AMP lying to the corporate regulator about its fee-for-no-service scandal at the banking royal commission.

The royal commission also led to the resignations of AMP chairman Catherine Brenner and chief executive Craig Meller.

In the last couple of months, AMP shares have fallen by more than 25 per cent to $4.08, its lowest price in five years.

The Australian dollar has lifted slightly to 74.6 US cents, 55 British pence, and 62.9 Euro cents.

Topics: business-economics-and-finance, economic-trends, markets, stockmarket, budget, australia

First posted May 10, 2018 07:41:43