Australian shares are poised to fall on Friday after oil prices surged more than $3 a barrel as investors reacted to reports that an Iranian parliament committee is reviewing a bill that could restrict US and Israeli vessels from the Strait of Hormuz, raising concerns over potential disruptions to global energy supplies.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.2%, 0.1%, and 0.9%, respectively.
In the macroeconomy, investors are eyeing the Reserve Bank of Australia's interest rate decision next week.
In corporate news, ResMed (ASX:RMD) reported Friday fiscal fourth quarter non-GAAP earnings of $2.95 per share on revenue of $1.46 billion, compared with non-GAAP earnings of $2.55 on revenue of $1.35 billion a year earlier.
James Hardie Industries (ASX:JHX) reported Friday fiscal first quarter adjusted earnings of $0.36 per share on net sales of $1.47 billion, compared with adjusted earnings of $0.32 on net sales of $899.9 million a year earlier.
Australia's benchmark index rose 0.5%, or 43.8 points, to close at 9,271.60 on Thursday.