Stocks to watch on the Australian stock exchange:

BHP – BHP BILLITON

FMG – FORTESCUE METALS GROUP

RIO – RIO TINTO

The price of iron ore has soared 18 per cent overnight, with major producers gathering in Perth for the first day of the Global Iron Ore and Steel Forecast conference.

WPL – WOODSIDE PETROLEUM

STO – SANTOS

The price of Brent crude oil surged above $US40 a barrel to their highest level since December on news that there had been a smaller-than-expected buildup in crude stockpiles in the United States.

CBA – COMMONWEALTH BANK

Federal Labor is urging the Turnbull government to consider a royal commission into the Commonwealth Bank life insurance scandal.

WOW – WOOLWORTHS

WES – WESFARMERS

HVN – HARVEY NORMAN

JBH – JB HI FI

Retail stocks will be in focus when the latest ANZ-Roy Morgan weekly consumer confidence survey is released on Tuesday morning.