Australian shares are poised to rise on Tuesday, tracking gains in oil prices as renewed US-Iran tensions heightened concerns over shipping risks in the Strait of Hormuz.
Gold fell as investors weighed the inflationary impact of rising energy costs, reinforcing expectations that interest rates will stay elevated for longer.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.2%, 2.1%, and 0.6%, respectively.
In the macroeconomy, investors are eyeing the Reserve Bank of Australia's June monetary policy board meeting minutes.
In corporate news, Collins Foods (ASX:CKF) reported Tuesday fiscal year 2026 underlying earnings of AU$0.52 per basic share from continuing operations on revenue of AU$1.59 billion, compared with underlying earnings of AU$0.461 on revenue of AU$1.47 billion a year earlier.
Boom Logistics (ASX:BOL) secured an extension of its lifting and project logistics services agreement with BHP Group (ASX:BHP) at the Olympic Dam operation in South Australia.
Australia's benchmark index rose 0.7% or 59.2 points to close at 8,823.40 on Monday.