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The Australian share market is set for a flat open amid concerns from US investors rover escalating tensions between Washington and Tehran.

The SPI200 futures contract was up three points, or 0.04 per cent, to 6767.0 at 0800 AEDT on Wednesday, after losses of almost two per cent for oil majors Exxon Mobil Corp and Chevron Corp kept the blue-chip Dow Jones Industrial Average in the red.

Equity markets have been trying to shake off concerns from escalating tensions between Washington and Tehran after the killing of an Iranian military commander by the United States last week.

The benchmark S&P/ASX200 index closed Tuesday up 90.7 points, or 1.35 per cent, to 6,826.4 points – its best day in three weeks.

The ASX’s Rate Indicator showed that the market’s odds of a rate cut have grown steadily in the last two weeks, and traders predicted there is a better than 50-50 chance the Reserve Bank will cut rates on February 4.

Meanwhile the Australian dollar was buying 68.68 US cents, down from 69.17 US cents when the ASX closed on Tuesday.