ASX to rise, Wall St gains, oil drops

Australian shares are poised to rally, in line with gains in New York as investors interpreted Iran's missile attacks on two US bases in the Middle East as signs of a measured response. Oil dropped more than 7 per cent. The missile attacks on US bases in Qatar and Iraq were viewed as a sign that Iran's ability to widen the war with Israel may be limited. Brent Crude was 7.1 per cent lower to $71.51 a barrel at 2.40pm; US crude also fell more than 7 per cent, to trade below $US69 a barrel. Israel continued its air assault…