Australian shares are poised to fall on Wednesday as oil prices surged on renewed Middle East supply disruption fears, with Brent crude briefly topping $100 a barrel amid escalating Iran-related tensions.
Sentiment was further clouded by reports that US President Donald Trump is seeking to extend a fragile ceasefire with Iran despite ongoing naval blockade concerns and mixed signals from Tehran over the prospects for a lasting peace deal.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average each fell 0.6%.
In the macroeconomy, Westpac's leading index report is due at 11 am Sydney time.
In corporate news, Bank of Queensland (ASX:BOQ) reported Wednesday fiscal first-half cash earnings of AU$0.253 per share on revenue of AU$835 million, compared with cash earnings of AU$0.264 on revenue of AU$802 million a year earlier.
BHP Group (ASX:BHP) reported fiscal third-quarter copper production of 476,800 tonnes, down 7% from a year earlier.
Paladin Energy (ASX:PDN) reported fiscal third-quarter triuranium octoxide production of about 1.3 million pounds from its Langer Heinrich Mine in Namibia, up 5% from the previous quarter.
Australia's benchmark index fell 0.04% or 3.9 points to close at 8,949.40 on Tuesday.