Australian shares are poised to rise on Tuesday as global oil prices eased sharply, following reports that vessels navigated the Strait of Hormuz, easing fears of prolonged supply disruptions from the Middle East and offsetting earlier concerns over escalating tensions in the Iran conflict.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1%, 1.2%, and 0.8%, respectively.

In the macroeconomy, Reserve Bank of Australia's rate decision is due at 02:30 pm Sydney time.

In corporate news, New Hope (ASX:NHC) reported Tuesday fiscal first-half earnings of AU$0.068 per share on revenue of AU$814.4 million, compared with earnings of AU$0.383 on revenue of AU$1.02 billion a year earlier.

West African Resources (ASX:WAF) reported Tuesday 2025 earnings of AU$0.413 per share on revenue of AU$1.54 billion, compared with earnings of AU$0.206 on revenue of AU$730 million a year earlier.

Australia's benchmark index fell 0.4% or 33.7 points to close at 8,583.40 on Monday.