Australian shares are poised to rise on Friday as oil prices fell after reports that the US and Iran had agreed in principle to extend a ceasefire and reopen shipping through the Strait of Hormuz, easing fears of supply disruption even as officials said the deal had yet to be finalized.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.6%, 0.9%, and 0.1%, respectively.
In the macroeconomy, the Reserve Bank of Australia's housing and private sector credit report is due at 11:30 am Sydney time.
In corporate news, Dexus (ASX:DXS) requested a trading halt on the Australian Securities Exchange from Friday, pending a New South Wales Supreme Court decision.
Insurance Australia Group (ASX:IAG) said its subsidiary, Insurance Australia, has reached a confidential settlement with Greensill Bank and its insolvency administrator, resolving Federal Court proceedings relating to allegedly issued trade credit insurance policies.
Australia's benchmark index fell 1.4% or 124.8 points to close at 8,592.90 on Thursday.