Markets Live: ASX rises as Qantas falls

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10:41am

US President Donald Trump's decision to bin a nuclear agreement with Iran and reinstate "the highest level" of sanctions on its oil could send fuel prices to new highs, with expensive repercussions for Australian consumers.

By placing sanctions on Iranian oil and removing the country's almost one million barrels a day from the global market - at a time when the Organization of Petroleum Exporting Countries (OPEC) and Russia are already rapidly cutting global output - Mr Trump has exacerbated concerns about supply, sending oil prices upwards.

Fuel data group Fueltrac's managing director Geoff Trotter warns early reactions to the decision and movement in the oil price will likely add at least around two cents per litre to the national average petrol price at bowsers in Australia. And that's just the beginning...

Cole Latimer has the full story here.

10:21am

The Australian market has opened on a high this morning with the S&P/ASX 200 index up 32.4 points at 6,140.4, a gain of 0.5 per cent.

Mining and energy stocks are up along with the major banks.

BHP Billiton is leading the market up 2.2 per cent to $32.89.

Woodside Petroleum has jumped 3.8 per cent to $33.59.

Pendal Group is up 8.6 per cent in early trade.

Qantas is down 2.1 per cent this morning at $6.19 and is the markets biggest laggard.

Link Administration Holdings is down 5.7 per cent.

10:01am

AMP could enter into the annals of corporate Australia history on Thursday with the wealth manager potentially facing the biggest protest vote against its proposed executive pay packages for a top 50 Australian company.

Market watchers are tipping AMP could be hit with a protest vote of as much as between 50 per cent and 60 per cent against its remuneration report.

Shareholders are also expected to deliver a massive protest vote against the reelection of AMP director Andrew Harmos.

Sarah Danckert has the full story here.

9:43am

Here are the overnight market highlights.

SPI futures up 24 points at 6113

AUD trading at US74.63 cents

On Wall St: DJIA +0.8%, S&P 500 +1%, Nasdaq +1%

In Europe: Stoxx 50 +0.3%, FTSE +1.3%, CAC +0.2%, DAX +0.2%

Spot gold -0.2% at $US1312.46 an ounce

Brent crude +3.2% at $US77.21 a barrel

West Texas Intermediate crude +3.3% at $71.31 a barrel

Iron ore -0.5% at $US66.46 a tonne

9:21am

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Even with the Trump-Iran deal drama swirling, Wall Street gained across the board, setting up the ASX for a positive start to the day, writes Tyler Yell.

The local sharemarket is poised to open solidly higher, following Wall Street's lead, as energy stocks rose on the rising oil price.

Futures are pointing to a 24-point gain at the open.

Implied data is anticipating a strong day ahead for BHP & Rio Tinto with gains expected at 3% and 2% respectively.

The Aussie dollar seemed to temporarily staunch the bleeding that it had suffered this week.

On an equally-weighted basis, an index of the most liquid Aussie Dollar crosses bounced Wednesday after two hard days of selling.