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ASX Preview: Australian Shares Set to Fall as Oil Prices Surge on Stalled US-Iran Talks; Beach Energy Posts Lower March Quarter Production

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-- Australian shares are poised to fall on Tuesday as oil prices surged to multi-week highs amid stalled US-Iran peace talks and ongoing disruptions in the Strait of Hormuz that have tightened global supply and stoked inflation concerns.

Overnight, the S&P 500 and the Nasdaq Composite rose 0.1% and 0.2%, respectively, while the Dow Jones Industrial Average fell 0.1%.

In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence rose 3.5 points to 67.8 in the week of April 20 to 26, ANZ reported Tuesday.

In corporate news, Beach Energy (ASX:BPT) produced 4.8 million barrels of oil equivalent in the quarter ended March 31, slightly down from 4.9 million barrels of oil equivalent in the same period last year.

Deep Yellow (ASX:DYL) said detailed engineering at its Tumas project in Namibia progressed to 68% complete, with bulk earthworks 91% complete and civil construction expected to commence in the next quarter.

Australia's benchmark index fell 0.2% or 20.1 points to close at 8,766.40 on Monday.

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