Australian shares are poised to rise on Wednesday as oil prices eased on signs of increased Saudi crude flows and rising traffic through the Strait of Hormuz.

Hopes for a near-term US-Iran peace deal faded after US President Donald Trump said an agreement would come only after the US midterm elections.

Overnight, the S&P 500 was flat with a negative bias, while the Nasdaq Composite rose 0.5% and the Dow Jones Industrial Average fell 0.4%.

In the macroeconomy, Australia's private sector expanded for a fourth straight month in September, but at the softest pace seen in the third quarter, with S&P's Australia composite PMI output index slipping to 50.8 from 52.7 in August, according to data released Wednesday by S&P Global.

In corporate news, Tuas (ASX:TUA) reported fiscal 2026 earnings of SG$0.0476 per share on revenue of SG$187.6 million, compared with earnings of SG$0.0147 on revenue of SG$151.3 million a year earlier.

Strike Energy (ASX:STX) reported fiscal 2026 loss of AU$0.008 per share on revenue of AU$62.8 million, compared with loss of AU$0.055 on revenue of AU$72.7 million a year earlier.

Australia's benchmark index rose 0.3%, or 25.9 points, to close at 8,757.80 on Tuesday.