Australian shares rose again on Wednesday's close as markets await the US Federal Reserve's monetary policy decision.

The S&P/ASX 200 Index rose 0.31%, or 26.30 points, to reach 8,640.60.

Brent ​crude oil futures fell over 2% to $101.16 per barrel, while the US West Texas Intermediate crude futures fell 3% to $93.22 per barrel after the Iraqi government and the Kurdistan Regional Government agreed to resume oil exports via Turkey.

On the domestic front, an indicator of Australian economic activity remained flat in February, signaling only slight positive momentum while pointing to near-term weakness amid rising interest rates and Middle East tensions, according to a report by Westpac and Melbourne Institute.

In company news, BHP Group (ASX:BHP) appointed Brandon Craig as chief executive, effective July 1. Craig will succeed Mike Henry, who will step down after six and a half years in the role. Shares of the firm rose nearly 1% on market close.

Woodside Energy Group (ASX:WDS) appointed Elizabeth Westcott as its CEO. Westcott has been serving as the acting CEO of the company since Meg O'Neill's departure in December 2025.

Lastly, Sims (ASX:SGM) said it expects fiscal year 2026 underlying earnings before interest and taxes (EBIT) of AU$350 million to AU$400 million, driven by strong performance in its lifecycle services and metal businesses, with only limited impact from the Middle East conflict. Its shares jumped 9% on market close.