Australian shares opened higher on Thursday as oil prices surged to their highest level in more than a month amid escalating US-Iran tensions and growing concerns over potential supply disruptions linked to threats against shipping routes.

Gold prices also climbed to a two-week high on a softer US dollar and renewed safe-haven demand, while investors awaited fresh signals on the Federal Reserve's interest rate path.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.1%, 0.6%, and 0.01%, respectively.

In the macroeconomy, Australia's labor force report is due at 11:30 am Sydney time.

In corporate news, Santos (ASX:STO) reported total production of 23.1 million barrels of oil equivalent (MMboe) in the second quarter ended June 30, up on last year's 22.2 MMboe.

Clinuvel Pharmaceuticals (ASX:CUV) said it will move its headquarters to the US from Jan. 1, 2027, as part of a restructuring that includes a 10% to 20% global workforce reduction and a shift toward US-focused operations, funding access and commercialization of its late-stage pipeline.

Australia's benchmark index rose 0.3% or 29.7 points to close at 8,823 on Wednesday.