Australian shares are poised to fall on Thursday as oil prices surged on renewed US-Iran tensions after US President Donald Trump warned that the US would attack Iran "very hard" if no peace deal is reached, heightening geopolitical risk and inflation concerns amid expectations of constrained global energy supplies.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell around 1.6%, 2%, and 1.9%, respectively.

In the macroeconomy, investors are eyeing the release of the Melbourne Institute consumer inflation expectations report.

In corporate news, Southern Cross Media Group (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of cost reduction program, resulting in fiscal 2026 restructuring charges of around AU$20 million.

JB Hi-Fi (ASX:JBH) started a process to refund more than AU$250,000 to about 200 consumers after the Australian Competition and Consumer Commission raised concerns that the company may have misled consumers with pricing claims in advertisements.

Australia's benchmark index rose 0.6% or 49.1 points to close at 8,653.30 on Wednesday.