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ASX Preview: Australian Shares Set to Rise as Oil Falls on Easing Hormuz Supply Fears; Worley Lifts Fiscal 2026 EBITA Hit to AU$60 Million

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Australian shares are poised to rise on Thursday after oil prices tumbled more than 4% as easing supply concerns through the Strait of Hormuz and expectations of rising Iranian exports weighed on global crude markets.

Overnight, the S&P 500 and the Nasdaq Composite fell 0.1% and 0.4%, respectively, while the Dow Jones Industrial Average rose 0.4%.

In the macroeconomy, Australia's labor force report is due at 11:30 am Sydney time.

In corporate news, Worley (ASX:WOR) increased its expected fiscal 2026 underlying earnings before interest, taxes, and amortization (EBITA) impact to up to AU$60 million, up from a prior estimate of AU$30 million to AU$40 million, due to ongoing Middle East project delays.

Mineral Resources (ASX:MIN) will cease operations at its Lucky Bay garnet project in Western Australia and transition the mine into care and maintenance, effective July 1.

Australia's benchmark index rose 0.2% or 21.4 points to close at 8,808.40 on Wednesday.

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