China's Ministry of Emergency Management announced the "Standards for Determining Major Accident Hazards in Coal Mines" were revised and approved at the ministry's 12th executive meeting on May 6, 2026; the revised standards have been promulgated and will take effect on July 1, 2026.

WTI crude opened slightly higher as the US and Iran remain at odds over how to reopen the Strait of Hormuz. President Trump said he was "not satisfied" with the talks. The White House denied an Iranian report that a draft agreement would have Iran and Oman oversee shipping through the strait. Despite the difficulties, oil prices remain on track to slip for a second straight week amid optimism that the two sides could at least reach a temporary deal. The protracted negotiations hinge on Iran's desire to retain control over the Strait of Hormuz and the fate of its nuclear program. RABOBANK global energy strategist Joe DeLaura said: "For now the oil market is too 'comfortable.' Releases from strategic petroleum reserves are helping to offset some of the supply losses caused by the war."

Spot gold fell 2.00% intraday and is trading at $4,366.65/oz.