Australian shares are poised to rise on Wednesday as oil prices surged to a five-week high amid escalating Middle East tensions and growing concerns over potential energy supply disruptions following intensified US-Iran hostilities and threats by Yemen's Houthis to impose a naval blockade on Saudi Arabia.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.9%, 1.3%, and 0.7%, respectively.
In the macroeconomy, investors are eyeing the Westpac-Melbourne Institute leading economic index report.
In corporate news, WiseTech Global (ASX:WTC) agreed to acquire California-based FRDM.ai, an artificial intelligence (AI)-driven supply chain risk and compliance intelligence platform, in a transaction valued at an upfront $10 million in cash and shares, with potential all-cash earn-outs of up to $14.3 million.
Lynas Rare Earths (ASX:LYC) reported fiscal fourth-quarter gross sales revenue of AU$288.9 million, up 70% from a year earlier and the highest quarterly revenue achieved since the fourth quarter of fiscal 2022.
Australia's benchmark index was little changed to close at 8,793.30 on Tuesday.