Australian shares are poised to fall on Wednesday after oil prices surged following escalating tensions in the Middle East, with Iran attacking three commercial vessels in the Strait of Hormuz and the US revoking a license allowing the sale of Iranian crude before launching further strikes against Tehran.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.5%, 1.2%, and 0.3%, respectively.

In the macroeconomy, Australia's building approvals and building activity reports are due at 11:30 am Sydney time.

In corporate news, Ramelius Resources (ASX:RMS) said June quarter gold production was 53,466 ounces, with fiscal 2026 production of 192,182 ounces within its guidance range of 185,000 to 205,000 ounces.

Predictive Discovery (ASX:PDI) said its Kiniero gold mine in Guinea milled 2.2 million tonnes of ore in the June quarter at an average of 0.86 grams per tonne grade of gold to pour 54,252 ounces of gold.

Australia's benchmark index fell 0.3% or 27.1 points to close at 8,803.90 on Tuesday.