Australian shares are set to open flat on Monday, as oil prices climbed almost 2% following stalled US-Iran peace negotiations and restricted flows through the Strait of Hormuz, tightening global supply and pushing Brent crude above $107 a barrel.

On April 25, the S&P 500 and the Nasdaq Composite rose 0.8% and 1.6%, respectively, while the Dow Jones Industrial Average fell 0.2%.

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

In corporate news, Origin Energy (ASX:ORG) reported March quarter production of 164.5 petajoules, down from 167.1 petajoules a year earlier, according to a Monday filing with the Australian bourse.

IperionX's (ASX:IPX) titanium powder production operations in Virginia, US, transitioned to an around-the-clock production schedule during the March quarter, advancing from commissioning to continuous operations, according to a Monday filing with the Australian bourse.

Australia's benchmark index fell 0.1% or 6.9 points to close at 8,786.50 on April 24.