Australian shares are poised to fall on Tuesday as oil prices surged more than 2.5% after renewed US-Iran military action heightened concerns over global supply disruptions and a prolonged conflict.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.3%, 0.1%, and 0.7%, respectively.

In the macroeconomy, Australia's manufacturing sector maintained modest growth in August, with stronger new orders, business confidence and employment offset by softer production and renewed supply-chain and cost pressures, according to a survey by S&P Global published Tuesday.

Australia's home value index fell 0.9% in August, marking its fifth consecutive monthly decline and leaving national home values 3.6% below the March peak, as the housing downturn deepened through winter and declines spread across 93% of capital city suburbs, Cotality said in a Tuesday report.

The ANZ-Roy Morgan Australian consumer confidence fell 2.6 points to 74.9 in the week of Aug. 24 to Aug. 30, ANZ reported Tuesday.

In corporate news, Ausgold (ASX:AUC) reported Tuesday a fiscal 2026 loss of AU$0.0199 per share on revenue of AU$3 million, compared with a loss of AU$0.0307 on revenue of AU$1.6 million a year earlier.

CSL (ASX:CSL) has entered agreements with the US Administration to lower medicine costs and expand its manufacturing footprint in the US.

Australia's benchmark index fell 0.2%, or 16.3 points, to close at 9,076 on Monday.