Australian shares advanced further on Wednesday, as investors reacted to softer-than-expected June quarter inflation data, cutting expectations of a rate hike.

The S&P/ASX 200 Index gained 1.01%, or 90.80 points, to close at 9,038.60, setting a new 100-day high.

Brent crude oil futures rose to trade around $86 per barrel after the US military said Iran launched multiple ballistic missiles, which had been intercepted.

Overnight on Wall Street, the Dow Jones Industrial Average rose 1% and the S&P 500 inched up 0.2%, while the Nasdaq Composite fell 0.2%.

On the domestic front, Australia's consumer price index rose 3.8% in the 12 months to June from a 4% increase in the year to May. Trimmed mean annual inflation was 3.6% in the 12 months to June, unchanged from the 12 months to May.

In company news, Rio Tinto Group (ASX:RIO) reported Wednesday that its underlying earnings per basic share in the first half rose to $4.214, from $2.96 a year earlier. Consolidated sales revenue for the six months ended June 30 was $31.03 billion, up from $26.87 billion in the same period last year.

Woodside Energy Group (ASX:WDS) reported second-quarter operating revenue of $4.19 billion, up 28% from $3.28 billion a year earlier. The company's quarterly production volume hit 41.3 million barrels of oil equivalent (MMboe), down 18% from 50.1 MMboe in the year-ago period.

Lastly, CSL (ASX:CSL) is set to conduct clinical trial work to confirm the efficacy and safety of immunoglobulin manufactured using its Horizon 2 process. It expects clinical activities to start in mid-2027.