U.S. total oil rig count for the week to May 29 due in 10 minutes.

President Trump said Iran must agree never to possess nuclear weapons and demanded the Strait of Hormuz be reopened immediately without transit fees. He said all sea mines, if any, will be cleared; the U.S. has used mine-countermeasure ships to detonate many and Iran will be responsible for clearing or detonating any remaining mines. Trump said ships held under a U.S. naval blockade may depart now that the blockade is lifted. He said enriched material buried after a U.S. B-2 strike 11 months ago will be excavated and destroyed by the U.S. in close coordination with Iran and the IAEA, and that no funds will be exchanged until further notice. Trump said he is heading to the situation room to make a final decision; Axios interprets the comments as suggesting he may imminently approve an Iran nuclear agreement.

Central China Energy Regulatory Bureau and the Sichuan Energy Regulatory Office jointly convened a meeting on construction of supporting power sources for the Yahu and Jinyong HVDC transmission projects. Sichuan Provincial Energy Bureau and hydropower developers Yalong River Basin Hydropower Development Co. and Huadian Jinsha River Upper Hydropower Development Co. attended. The meeting said the Yahu and Jinyong DC projects are key components of the national West‑to‑East electricity transmission strategy and important for optimizing national power flows and enhancing cross‑regional dispatch capacity. Participants were instructed to coordinate and accelerate construction of supporting generation: power producers must assume primary responsibility for project delivery; industry authorities must strengthen overall coordination and secure necessary inputs; regulators must set up tracking and supervision mechanisms and implement requirements from the national power‑flow optimization layout promotion meeting.