Australian shares are poised to fall on Friday after oil prices climbed about 3% overnight as a Houthi missile attack on Saudi Arabia revived fears of supply disruptions, although gains were pared by reports that the US and Iran were discussing reopening the Strait of Hormuz.
Overnight, the S&P 500 and Nasdaq Composite remained flat, while the Dow Jones Industrial Average fell 0.3%.
In the macroeconomy, investors are eyeing the Reserve Bank of Australia's interest rate decision next week.
In corporate news, Netwealth Group (ASX:NWL) said its subsidiaries, Netwealth Investments and Netwealth Superannuation Services, have been served with a class-action statement of claim relating to certain First Guardian Investment options offered through the Netwealth Superannuation Master Fund.
Insurance Australia Group (ASX:IAG) said its subsidiary Insurance Australia agreed to settle Federal Court proceedings brought by Credit Suisse entities over trade credit policies linked to Greensill, with the terms of the settlement remaining confidential.
Australia's benchmark index fell 0.7%, or 63.3 points, to close at 8,702 on Thursday.