The Australian sharemarket was lower at lunchtime with bank stocks weakening, but energy stocks have again risen as oil prices extended their rally on the back of President Donald Trump’s new sanctions on Russia’s crude industry.

Energy stocks advanced as crude prices added around 5 per cent overnight on the back of Trump announcing 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. Woodside Energy added 0.7 per cent and Ampol climbed 0.8 per cent in early afternoon trade

Oil companies boosted Wall Street on Thursday. Credit: Bloomberg

Financial stocks gave up early gains. Westpac was flat, ANZ Bank lost 1 per cent, Commonwealth Bank retreated 0.7 per cent and National Australia Ba

See Full Page