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S&P/ASX 200 hits eight-month high after energy stocks rally

The US has announced a further clampdown on Iranian oil exports.

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Global oil prices lifted to near 6-month highs

S&P/ASX 200 (INDEXASX:XJO) has surged through the 6300 barrier, finishing at its highest point in eight months on a buoyant energy sector.

The benchmark index finished up 59.6 points, or 0.95%, to 6,319.4 points.

Oil prices near 6-month highs

The energy sector was by far the biggest gainer, jumping 2.5% after global oil prices lifted to near 6-month highs on Monday due to supply concerns.

The US has announced a further clampdown on Iranian oil exports and will next month eliminate all waivers allowing eight economies to buy Iranian oil without facing US sanctions.

Woodside and Santos rise

Woodside Petroleum (ASX:WPL) gained 2.6% to $36.56, while Santos (ASX:STO) jumped 3.1% to $7.44.

EML Payments (ASX:EML) rose 13.8% to $1.98 after the company revealed a deal to provide a reloadable betting card to bet365's New Jersey customers.

In upcoming economic news, weekly data on US chain store sales is scheduled along with the monthly data on house prices.

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