Stocks advanced the most in five weeks to close at their highest since August 2008, as the price of oil, the country’s main export, soared.

Gazprom and Rosneft, the country’s biggest oil company, helped push the MICEX to the biggest gain worldwide. The ruble-based MICEX Index of 30 stocks rose 4.2 percent to 1,388.59 in Moscow, its biggest gain since Nov. 9. The dollar-measured RTS Index of 50 shares gained 3.8 percent to 1,449.02.

Rosneft gained 6.6 percent to 261.88 rubles ($8.7), its highest close since July 17, 2008. Surgutneftegaz added 5 percent to 27.89 rubles.

Crude futures rose the most in two months after U.S. inventories dropped to the lowest level since January and Iran successfully tested a medium-range missile, drawing threats of sanctions. Crude for January delivery rose $2.3, or 3.3 percent, to $72.99 a barrel in electronic trading on the New York Mercantile Exchange, extending Tuesday’s 1.7 percent gain.

“With oil prices pushing higher, the market has a significant growth potential,” said Mark Rubinstein, deputy head of research at IFC Metropol. “During 11 days of oil price declines, the Russian market fell only 1 to 2 percent, demonstrating its strong resilience.”

Gazprom increased 5.3 percent to 181.18 rubles after the Economic Development Ministry raised its gas output and export forecasts for the next three years. Novolipetsk Steel advanced 10.7 percent to 99.75 rubles.

Tatneft, the oil producer in Russia’s Tatarstan region, rose 4.1 percent to 147.84 rubles after reporting a 55 percent increase in nine-month net income.

Sberbank, Russia’s biggest lender, added 6.3 percent to 82.06 rubles, an 18-month high, giving the bank a market value of about $59 billion.