SYDNEY, AAP – Oil and gold stocks have surged on the ASX as Russia’s threat to Ukraine pushes energy prices and inflation higher.

Energy shares rose three per cent on Monday after world leaders claimed Russia could invade its neighbour within days.

Russia is a major oil supplier and European nations and the US have threatened to stifle its energy exports should it invade.

The gold price also rose on the uncertainty, benefiting ASX gold miners.

The benchmark S&P/ASX200 index closed up 26.6 points, or 0.37 per cent, to 7243.9 points.

The All Ordinaries index closed higher by 19.3 points, or 0.26 per cent, to 7535.1 points.

The Australian dollar was buying 71.19 US cents at 1623 AEDT, lower than 71.20 US cents at Friday’s close.