Australian shares are poised to fall on Friday as soaring crude oil prices and escalating tensions in the Middle East heighten investor caution, with Brent crude surging nearly 6% amid stalled US-Iran negotiations and ongoing disruptions to key oil supply routes.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1.7%, 2.4%, and 1%, respectively.

In the macroeconomy, investors are eyeing the Reserve Bank of Australia's meeting minutes in the coming week.

In corporate news, BlueScope Steel (ASX:BSL) said over 60% of its 1,200-hectare surplus land portfolio has been zoned for development, with initiatives including leases and sales, according to a Friday filing with the Australian bourse.

Silex Systems (ASX:SLX) said Global Laser Enrichment has secured a $98.9 million package from Kentucky and McCracken County for its Paducah Laser Enrichment Facility, according to a Friday filing with the Australian bourse.

Australia's benchmark index fell 0.1% or 8.6 points to close at 8,525.70 on Thursday.