Australian shares are poised to fall on Friday as oil prices surge amid renewed tensions in the Middle East, including reports of military activity near Tehran and growing fears of disruption in the Strait of Hormuz.
Broader risk sentiment is also under pressure due to uncertainty over the Israel-Lebanon ceasefire extension and continued clashes in southern Lebanon.
Overnight, the S&P 500 and the Dow Jones Industrial Average each fell 0.4%, while the Nasdaq Composite declined 0.9%.
In the macroeconomy, investors are eyeing the release of Australia's consumer price index report next week.
In corporate news, Newmont (ASX:NEM) reported Friday first-quarter adjusted earnings of $2.90 per share on revenue of $7.31 billion, compared with adjusted earnings of $1.25 on revenue of $5.01 billion a year earlier.
Fortescue (ASX:FMG) reported total iron ore shipments of 48.4 million wet metric tonnes for the quarter ended March 31, up from 46.1 million wet metric tonnes in the year-earlier period.
Australia's benchmark index fell 0.6% or 50.2 points to close at 8,793.40 on Thursday.