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ASX Preview: Australian Shares to Rise as Oil Slides on US-Iran Ceasefire Hopes; Rio Tinto Group Posts Higher H1 Underlying Earnings, Revenue

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Australian shares are poised to rise on Wednesday, tracking a sharp drop in oil prices as hopes for a sustained pause in US-Iran hostilities eased concerns over global crude supply disruptions despite continued geopolitical uncertainty.

Overnight, the S&P 500 and the Dow Jones Industrial Average rose 0.2% and 1%, respectively, while the Nasdaq Composite fell 0.2%.

In the macroeconomy, Australia's consumer price index report is due at 11:30 am Sydney time.

In corporate news, Rio Tinto Group (ASX:RIO) reported Wednesday first-half underlying earnings of $4.214 per basic share on revenue of $31.03 billion, compared with underlying earnings of $2.96 on revenue of $26.87 billion a year earlier.

Woodside Energy Group's (ASX:WDS) operating revenue rose to $4.19 billion in the second quarter ended June 30 from $3.28 billion a year earlier.

Australia's benchmark index rose 0.6%, or 53.8 points, to close at 8,947.80 on Tuesday.

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