The Australian share market has moved higher on gains in the energy and mining sectors despite a slide in stocks of the big four banks.

The benchmark S&P/ASX200 index was up 10.8 points, or 0.17 per cent, to 6,553.2 points at 1200 AEST on Friday, while the broader All Ordinaries was up 13.1 points, or 0.20 per cent, to 6,632.2.

Energy shares led gains by midday, collectively rising 1.85 per cent, after attacks on two tankers in the Gulf of Oman caused a spike in the price of oil overnight.

Santos, Woodside Petroleum, Oil Search, Origin Energy and Beach Energy added between 0.96 one per cent and 2.03 per cent.

The heavyweight materials sector rose 1.48 per cent as a whole after iron ore futures in China set a new record high during a late rally on Thursday.

BHP was up 1.74 per cent to $40.25, Rio Tinto was up 2.91 per cent to $104.815 and Fortescue Metals was up 4.68 per cent to $8.73.

But the big four banks were all lower, with ANZ down 0.67 per cent to $28.24, Commonwealth down 0.99 per cent to $79.62, NAB down 0.96 per cent to $26.74, and Westpac down 0.78 per cent to $27.91.

AMP was down 4.69 per cent to $2.135 after regulator APRA issued new licence conditions on AMP Super.

McGrath was flat at 27 cents after the real estate agent said it expected a full year earnings loss of between $6 million and $6.5 million.

The Aussie dollar is buying 68.94 US cents, from 69.09 US cents on Thursday.