Australian shares are poised to fall on Wednesday as oil prices surged more than 4% to five-week highs after renewed US-Iran fighting stoked fears of prolonged disruptions to global energy supplies through the Strait of Hormuz.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.7%, 1%, and 0.8%, respectively.

In the macroeconomy, the Australian national accounts report is due at 11:30 am Sydney time.

In corporate news, Telstra Group (ASX:TLS) released the findings of an external expert investigation into its July mobile network outage, confirming the company's previous conclusion that the incident was triggered by a technical issue.

Corporate Travel Management (ASX:CTD) reported Wednesday fiscal 2026 earnings of AU$0.127 per share on revenue of AU$665.9 million, compared with loss of AU$2.453 on revenue of AU$635.8 million a year earlier.

Australia's benchmark index fell 0.1%, or 9.3 points, to close at 9,066.70 on Tuesday.