Australian shares are poised to fall on Wednesday amid growing caution over US-China trade tensions, the possible lapse of a tariff truce, and anticipation ahead of the US Federal Reserve's interest rate decision.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.3%, 0.4%, and 0.5%, respectively.

In the macroeconomy, the monthly and quarterly consumer price index reports are due at 11:30 am Sydney time.

In corporate news, Rio Tinto (ASX:RIO) is under the spotlight today as it prepares to announce its half-year results, with investors closely watching for updates amid a challenging market environment.

Woodside Energy Group (ASX:WDS) and Santos (ASX:STO) are in focus as oil prices surged more than 3% overnight, driven by renewed US pressure on Russia over the war in Ukraine and improving sentiment around global trade relations, boosting optimism across the energy sector.

Australia's benchmark index rose 0.1%, or 6.9 points, to close at 8,704.60 on Tuesday.