At 10:30 (AEST), the benchmark S&P/ASX 200 index rose 95.70 points, or 1.45 percent, to 6,702.80, while the broader All Ordinaries index was up 94.90 points, or 1.38 percent, at 6,976.30.
Energy and materials shares shot up in early trade, with both sectors up over 2.5 percent, supported by recent strength in commodity prices. The rally builds on the previous days gains with the resource sectors both up around 5 percent so far this week.
News that Saudi Arabia will restrict its oil supply saw a surge in the commodity price, while Australia's most valuable export, iron ore, was also at a record high price on continued demand.
Most other sectors were also firmly higher, including market heavyweight financials which lifted close to 2 percent, however local tech companies sank as political unrest weighed on the corresponding U.S. sector.
In the financial space, the big banks rallied with Commonwealth Bank up (1.75 percent), ANZ up (2.55 percent), National Australia Bank up (1.83 percent) and Westpac Bank up (2.69 percent).
Mining stocks were mostly higher with Rio Tinto up (3.76 percent), Fortescue Metals up (2.77 percent) and BHP up (4.30 percent), however goldminer Newcrest was down (0.61 percent).
The country's oil and gas producers soared with Oil Search up (5.27 percent), Santos up (4.10 percent) and Woodside Petroleum up (2.72 percent).
Australia's largest supermarkets surged with Coles up (0.93 percent), and Woolworths up (1.08 percent).
Meanwhile telecommunications giant Telstra bounced (0.50 percent), the national carrier Qantas lifted (0.83 percent) and biomedical firm CSL rallied (0.38 percent).
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