Brent oil price rose above $78 a barrel on Wednesday after an Iranian Revolutionary Guards commander said he was ready to prevent regional crude exports if Iranian oil sales were banned by the United States.

The local share price index futures rose 0.2 percent or 12 points, to 6,149, a 34.4-point discount to the underlying S&P/ASX 200 index close.

The benchmark fell 0.4 percent on Wednesday. New Zealand's benchmark S&P/NZX 50 index  fell 0.24 percent at 2211 GMT.