Australian shares are poised to fall on Wednesday, tracking an overnight oil slide after crude dropped over 5% to a three-month low on easing Middle East supply fears and reports of a possible interim Iran-US deal to reopen the Strait of Hormuz and restore Iranian exports.

Overnight, the S&P 500 and the Nasdaq Composite fell 0.6% and 1.2%, respectively, while the Dow Jones Industrial Average gained 0.6%.

In the macroeconomy, investors are eyeing Reserve Bank of Australia Assistant Governor Brad Jones' speech and the Westpac-Melbourne Institute Leading Economic Index report.

In corporate news, Flight Centre Travel Group (ASX:FLT) cut its fiscal year 2026 underlying profit before tax guidance to between AU$275 million and AU$295 million from a previous range of AU$310 million to AU$345 million, citing the Middle East conflict's "significant short-term impact" on leisure travel.

Nickel Industries (ASX:NIC) said that its combined adjusted earnings before interest, taxes, depreciation, and amortization from operations for April and May were around $80 million.

Australia's benchmark index inched up 3.7 points to close at 8,917.70 on Tuesday.