Australian shares are poised to rise on Monday, tracking a decline in oil prices after US President Donald Trump paused strikes on Iran, boosting hopes for a diplomatic resolution that could ease Middle East tensions and reduce concerns over energy supply disruptions.

On July 24, the S&P 500 and the Dow Jones Industrial Average rose 0.1% and 0.5%, respectively, while the Nasdaq Composite fell 0.6%.

In the macroeconomy, investors are eyeing Australia's consumer price index report on Wednesday.

In corporate news, Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million.

Myer Holdings (ASX:MYR) reported total sales for fiscal year 2026 of AU$4.1 billion and operating gross profit between AU$1.6 billion and AU$1.61 billion.

Australia's benchmark index fell 0.8% or 66.7 points to close at 8,772.30 on July 24.