Australian shares are poised to rise on Tuesday as oil prices gained amid renewed Middle East tensions following exchanges of strikes between Iran and Israel and concerns over supply disruptions through the Strait of Hormuz.
The move comes despite an agreement by the Organization of the Petroleum Exporting Countries to increase output targets.
Overnight, the S&P 500 and the Nasdaq Composite rose 0.3% and 0.9% respectively, while the Dow Jones Industrial Average fell 0.2%.
In the macroeconomy, investors are eyeing the Westpac-Melbourne Institute Consumer Sentiment Index and National Australia Bank Business Confidence Index.
In corporate news, James Hardie Industries (ASX:JHX) has been served with a group proceeding in the Supreme Court of Victoria on behalf of investors who acquired securities between May 21, 2025, and Aug. 19, 2025, alleging breaches of Australian corporate and consumer law relating to forward-looking statements about its forecast financial performance.
Rio Tinto (ASX:RIO) said Tuesday it is increasing its annual community investment commitment in Canada by 30% through its Rio Tinto Canada Fund, bringing total annual funding to CA$13 million to support community-led initiatives across the country.
Australia's benchmark index fell 0.7% or 61 points to close at 8,625.10 on June 5.