Australian shares are poised to inch up on Wednesday as oil prices climbed after US forces struck Iran, escalating Middle East tensions and raising concerns over potential supply disruptions through the Strait of Hormuz.
Overnight, the S&P 500 and the Nasdaq Composite fell 0.3% and 1% respectively, while the Dow Jones Industrial Average rose 0.2%.
In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence rose 2 points to 70.8 in the week of June 1 to June 7, ANZ reported Tuesday.
Australia's final building approvals report is due at 11:30 am Sydney time.
In corporate news, IGO (ASX:IGO) said a fire broke out at its chemical grade plant 3 at the Greenbushes lithium operation on Tuesday and was extinguished without causing any injuries.
Insurance Australia Group's (ASX:IAG) IAG New Zealand division on Wednesday urged New Zealand's government to develop a long-term roadmap to cut natural hazard risk, which it said is rising faster than the country's ability to manage it.
Australia's benchmark index fell 0.2% or 20.9 points to close at 8,604.20 on Tuesday.