ASX to rise, Wall St gains, oil drops

News Snapshot:

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...