Australian shares are poised to rise on Wednesday, tracking gains on Wall Street as oil prices surged after disruptions to Saudi Arabia's crude exports heightened concerns over prolonged supply shortages and pushed Brent above $108 a barrel.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.5%, 0.8%, and 0.6%, respectively.

In the macroeconomy, investors are eyeing the Westpac-Melbourne Leading Index report.

In corporate news, Equus Energy (ASX:EQU) secured Alcoa's (ASX:AAI) approval to advance its Equus Gas Project to stage two, unlocking a further $1.5 million in funding to support partnering and commercialization activities.

Reliance Worldwide (ASX:RWC) entered into a binding scheme implementation deed with Brookfield for the acquisition of 100% of its shares at $3.38 each.

Australia's benchmark index fell 0.9%, or 77.4 points, to close at 8,672.50 on Tuesday.