Australian shares are set for a cautious start on Monday after Brent crude surged above $91 a barrel as escalating US-Iran hostilities and renewed disruptions around the Strait of Hormuz stoked fears of tighter global oil supplies and higher energy prices.
On July 17, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1%, 1.4%, and 0.8%, respectively.
In the macroeconomy, investors are eyeing Australia's labor force report on Thursday.
In corporate news, Deep Yellow (ASX:DYL) awarded two civil and concrete construction contracts with an aggregate value of about AU$34 million for its flagship Tumas project in Namibia.
Perenti (ASX:PRN) said its subsidiary African Mining Services, through the AMAX joint venture, has reached an agreement with AngloGold Ashanti on an orderly transition plan for mining services at the Iduapriem Gold Mine in Ghana.
Australia's benchmark index fell 0.5% or 44 points to close at 8,796.70 on July 17.