A small cohort of ASX-listed explorers led by 88 Energy, Aguia Resources, Chariot Resources and Torque Metals posted notable gains as oil and commodity prices surged.

The macro backdrop features elevated oil and energy prices shaping sentiment, government stockpiling and policy moves, including U.S. oil purchases, while Australia faces rate-hike expectations as inflation persists.

Aguia Resources jumped about 71% after securing a mining concession for its Três Estradas phosphate project in Brazil, advancing licensing and commissioning plans and positioning the company in Brazil’s fertiliser market alongside Colombian gold assets.

Torque Metals rose about 41% after hiring experienced gold explorers from Spartan Resources to lead development at the Paris project in Western Australia, with planed drilling and resource upgrades in a strong WA gold belt.

Chariot Resources climbed roughly 43% as Nigeria approved the transfer of six lithium licenses into a joint venture, enabling a first drilling campaign and progressing its dual-track lithium strategy in US and Nigeria.

Geopolitical tensions in the Strait of Hormuz kept oil prices elevated, contributing to market volatility and a weaker broad ASX, even as select stocks stood out.

88 Energy surged around 110% on news of a potential oil hub on Alaska’s North Slope near Prudhoe Bay, highlighting a large oil-equivalent resource and proximity to key infrastructure.

Across the week, volatility was driven by energy prices, inflation concerns, potential RBA rate moves, and government actions on energy stocks and stockpiles, shaping sentiment for ASX runners amid broader weakness.