The Australian sharemarket has edged higher at the open after a choppy night globally thanks to hour-to-hour swings for oil prices on the back of developments in the Middle East.

Oil prices swung after a scare overnight where prices popped and then moderated, and the yo-yo moves kept stock markets worldwide unsettled.

The Australian sharemarket has retreated at the open as mounting inflation concerns extended a selloff in treasuries, sending yields to multi-year highs.