ASX set to dip as oil surges on Middle East tensions

The Australian share market is poised to open slightly lower on Tuesday as rising oil prices raise concerns about inflation, despite record copper prices that may support mining stocks.

ASX 200 futures indicate a decline of 7 points or 0.1% at the opening bell.

Copper touched a new high on the London Metal Exchange amid supply concerns outside the US, while oil prices surged to a six-week high due to renewed tensions in the Middle East and potential disruptions to energy supplies.