Australian shares are poised to rise on Wednesday, tracking higher oil prices after crude climbed to a one-week high amid volatile trading as markets weighed uncertain Iran-US negotiations and ongoing tensions around the Strait of Hormuz.
Market sentiment was also influenced by a softer gold price as stronger-than-expected US labor data reinforced expectations that the Federal Reserve will keep interest rates elevated for longer.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.1%, 0.03%, and 0.5%, respectively.
In the macroeconomy, the Australian national accounts report is due at 11:30 am Sydney time.
In corporate news, Northern Star Resources (ASX:NST) said its estimated mineral resources increased 26% to 88.9 million ounces as of March 31, while its estimated ore reserves jumped 27% to 28.4 million ounces.
Ampol's (ASX:ALD) proposed acquisition of fuel and convenience retailer EG Australia received approval from the Australian Competition and Consumer Commission.
Australia's benchmark index edged down 5 points to close at 8,724.40 on Tuesday.