ASX Set for Lower Open Amid Ongoing US-Iran Tensions

The Australian share market is expected to open lower on Wednesday due to a decline in Wall Street and ongoing tensions over the Strait of Hormuz, which has kept oil prices elevated.

ASX futures are pointing to a 37-point fall at the open, or 0.4%, as investors digest the latest news from the US-Iran standoff. The S&P/ASX 200 closed higher on Tuesday after the Reserve Bank of Australia left the official cash rate unchanged at 4.35%.

Energy stocks led the gains yesterday, with Woodside Energy Group gaining 3.8% and Santos Ltd rising 5.4%. However, oil prices remain high, with Brent crude trading near US$88 a barrel, which has weighed on fuel-intensive businesses such as Qantas Airways and Virgin Australia.