Australian shares are poised to rise on Wednesday as global oil markets stabilize following a dramatic selloff triggered by US President Donald Trump's declaration of a five-day delay to attacks on Iran's energy infrastructure, easing fears of an immediate escalation in the Middle East conflict.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.4%, 0.8%, and 0.2%, respectively.

In the macroeconomy, Australia's consumer price index report is due at 11:30 am Sydney time.

In corporate news, Rio Tinto Group (ASX:RIO) will get a AU$2 billion investment over 10 years to 2040 from the Queensland and Commonwealth Governments in a landmark initiative to secure the long-term competitiveness of the Boyne aluminum smelter in Gladstone, ensuring its viability beyond the expiry of its current power contract in 2029, according to a Wednesday filing with the Australian bourse.

Pepper Money (ASX:PPM) has confirmed it will not pursue Challenger (ASX:CGF) revised non-binding offer of AU$2.25 per share, with its independent board committee deeming the proposal not reasonably executable and confirming that discussions have officially ended, according to a Wednesday filing with the Australian bourse.

Australia's benchmark index rose 0.2% or 13.5 points to close at 8,379.40 on Tuesday.