Alex Gluyas

The local sharemarket has surged nearly 20 per cent from its April lows in a stunning rally that has caught investors off guard.

As Donald Trump pressures countries to up their military spending, local investors have been piling in ASX-listed defence funds.

The white metal has surged more than 30 per cent this year, outpacing gold’s 26 per cent gain and sending a small cohort of ASX-listed mining stocks on a tear.

Brent prices surged by the most since March 2022, rocketing shares in Woodside Energy 7 per cent higher amid fears of supply disruptions.

Traders had been positioning for Israel’s attack on Iran, but there is still anxiety that prices could continue to surge well beyond $US100 a barrel.

Investors are piling into the Australian sharemarket's uranium sector in an attempt to front-run a spike in prices as the world's largest physical uranium fund readies a war chest to splurge on the nuclear fuel.

The US bombing of nuclear sites in Iran has turbocharged a rally in energy prices, pushing commodity markets on track for their best monthly return since 2022.