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Australia's Oscar Piastri continues to lead the Formula 3 Championship in Europe after finishing fourth in a rain-shortened race in Austria.

Australian teenager Oscar Piastri continues to lead the FIA Formula 3 Championship after a shortened first of two races in round 2 was contested in atrocious conditions at the Red Bull Ring in Spielberg, Austria.

Piastri started Saturday's 24-lap feature race from fourth on the grid in his Prima Racing F3 Dallara and held that position in the early stages of the rain-drenched race.

The 19-year-old from Melbourne was running fifth when the safety car reappeared for a third time after Czech Roman Stanek and Spain's Sebastian Fernandez lost control in separate incidents; the worsening track conditions enough for officials to call the race over.

Initially classified fifth, following a post-race investigation the official results were adjusted on a countback with Piastri elevated back to fourth.

Piastri's Prema Racing team-mate, Dane Frederik Vesti won the race from pole, with Trident's German pairing of Lirim Zendeli and David Beckmann filling the remaining podium spots.

With just 11 of the scheduled 24 laps completed, only half championship points were awarded. Piastri holds a 1.5-point lead over Vesti - 36 to 34.5.

Tasmania's Alex Peroni was the next best finishing Aussie in 11th, with the Gold Coast's Jack Doohan and Perth's Calan Williams 22nd and 25th respectively.

"We expected rain, and it definitely came. It was not much of a race; to be honest, we were just trying to stay on the track. The last three laps I was struggling to stay on a straight line," Piastri said.

"Fourth was not too bad, and we didn't lose much ground in terms of the standings with half points [being awarded]. I think we can leave the track in sort of a good mood and look forward to Race 2."

The second 24-lap 'sprint' race for round 2 will be held on Sunday. with the grid featuring a reverse of the top 10 finishers from race one, meaning Piastri starts from seventh.