Australian shares are poised to fall on Monday as global energy markets react to escalating US-Israeli tensions with Iran, pushing oil and gas prices sharply higher and stoking fears of prolonged supply disruptions.

On March 6, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1.3%, 1.6%, and 1%, respectively.

In the macroeconomy, investors are eyeing the release of the consumer inflation expectations report on Thursday.

In corporate news, Santos (ASX:STO) and its joint venture partner Beach Energy (ASX:BPT) issued the final investment decision to proceed with the MCO project in the Cooper Basin, South Australia, with an investment of $357 million over a three-year development period.

Woodside Energy Group (ASX:WDS), Santos (ASX:STO) and Beach Energy (ASX:BPT) are in focus as crude oil prices surge amid escalating US‑Israel‑Iran tensions and concerns over Middle East supply disruptions.

Australia's benchmark index fell 1% or 89.3 points to close at 8,851 on March 6.