Stocks to watch on the Australian stock exchange:

BHP – BHP BILLITON

FMG – FORTESCUE METALS GROUP

RIO – RIO TINTO

The price of iron is hovering just under the $US55 mark, falling 67 US cents to $US54.03.

ORG – ORIGIN ENERGY

STO – SANTOS

WPL – WOODSIDE PETROLEUM

Oil prices have soared more than six per cent with Brent breaching the $US40 mark.

WTI crude is up $US2.46, or 6.60 per cent, at $US39.74 per barrel and Brent has lifted $US2.51, or 6.37 per cent, to $US41.94.