IMF says conflict involving Iran has suppressed roughly 14 mln bpd of global oil output; future oil prices will depend on whether the Strait of Hormuz reopens.

Initial jobless claims for the week ended May 30 rose to 225,000, above expectations of 213,000 and a revised prior 212,000, the highest since the first week of February. The four-week moving average increased to 214,750 from 208,250. Continuing claims fell to 1,777,000, slightly below the 1,780,000 forecast. The uptick in initial claims suggests some softening in the labor market but remains at relatively low, stable levels. Note continuing claims carry a one-week reporting lag, so next week’s continuing-claims print will correspond to this week’s initial claims. U.S. equity futures mixed in premarket: Dow futures +1.0%, S&P 500 futures -0.22%, Nasdaq futures down >1%. Treasury yields declined: 2-yr 4.039% (-4.5bps), 10-yr 4.455% (-3.8bps), 30-yr 4.960% (-3.0bps).

India's Ministry of External Affairs said India will remain a steady buyer of oil for years to come.