Australian shares are poised to fall on Wednesday as surging global oil prices, driven by unrest in Iran and supply uncertainties from Venezuela, heighten investor concerns over energy costs and market volatility.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.2%, 0.1%, and 0.8%, respectively.

In the macroeconomy, the building approvals and job vacancies reports are due at 11:30 am Sydney time.

In corporate news, BlueScope Steel (ASX:BSL) will pay an unfranked special dividend of AU$1 per share on Feb. 24 to shareholders on record as of Jan. 21.

Mayne Pharma Group (ASX:MYX) said that Chair Frank Condella has decided to retire from the board, effective Wednesday, while Bruce Robinson has been appointed non-executive chair.

Australia's benchmark index rose 0.6% or 49.1 points to close at 8,808.50 on Tuesday.