June 8 (Reuters) - Australian shares closed higher on Wednesday, driven by energy and mining stocks on back of strong commodity prices, while financials extended their fall after a surprise central bank rate hike decision the previous day.

The S&P/ASX 200 index ended 0.36% higher at 7,121.1, recouping some losses after Tuesday's 1.5% drop.

Asian stock markets were also trading higher, tracking a rally on Wall Street, but gains were kept in check by worries that aggressive central bank policy tightening would stifle global growth and raise the risks of stagflation.

Energy stocks led the gains on the Australian benchmark index, jumping 4.2% to their highest since February 2020 on strong oil prices ahead of U.S. oil inventories data.

Oil and gas majors Woodside Energy Group and Santos climb 5.6% and 3.4%, respectively.

Miners gained 1.8%, with behemoths BHP and Rio Tinto advancing more than 2% each.

"Commodities are an inflation hedge. So, with metal and commodity prices where they are and the AUD still relatively weak, it is good for Australia," said Henry Jennings, a senior analyst and portfolio manager at Marcustoday Financial Newsletter.

Financials fell nearly 3% with the so called "big four" banks slipping between 2.04% and 5.7%.

Major lenders raised their home loan variable interest rates by 50 basis points per annum, a day after the central bank surprised markets with its hawkish tone.

Banks have the risk that net interest margins will shrink and competition will continue, followed by a further fall in housing that could lead to bad debt, Jennings said.

In other news, Atlas Arteria surged 16% after fund manager IFM Global Infrastructure Fund acquired a 15% stake in the issued securities of the toll road operator and hinted at a potential takeover attempt.

In New Zealand, the benchmark S&P/NZX 50 index closed almost flat at 11,266.24. (Reporting By Navya Mittal in Bengaluru; Editing by Subhranshu Sahu)