The Australian sharemarket has edged higher at the open, with energy stocks rising as oil prices extended their rally on the back of President Donald Trump announcing “massive” new sanctions on Russia’s crude industry.

The S&P/ASX 200 was 11.3 points, or 0.1 per cent, higher to 9044.1 at 10.56am AEDT, with eight of 11 industry sectors in the green.

Energy stocks are again the story of the day after Trump announced sanctions against Russian oil giants Rosneft and Lukoil in the hope of convincing Russia’s president, Vladimir Putin, to end the brutal war with Ukraine. Crude prices added around 5 per cent overnight to surge for the second-straight day. In early trade, Woodside Energy added 1.8 per cent, Ampol climbed 0.8 per cent and Santos edged up 0.1 per cent.

Among the big miners, Rio T

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