WTI crude fell below $93/bbl, down 1.62% intraday.

Iran’s Supreme Leader adviser said negotiations with the U.S. are stalled over frozen assets and that any interim deal hinges on Washington unfreezing $24bn, with $12bn released immediately and the remaining $12bn in a later phase. He said U.S. officials worry an early unfreeze would weaken their leverage. The adviser warned that if the U.S. restarts military action Iran would expand attacks beyond the Persian Gulf — from the Strait of Hormuz to the Indian Ocean, Bab al‑Mandeb, the Red Sea and the Mediterranean — and could strike other U.S. bases previously hit, while adding the risk of full-scale war remains low. He denied any meeting between the Supreme Leader and Trump; Trump this week said he would be willing to meet.

On June 5, Zhangyuan Tungsten published long-term procurement quotes for the first half of June 2026: 55% black tungsten concentrate 505,000 yuan/metric tonne, 55% white tungsten concentrate 504,000 yuan/metric tonne, ammonium paratungstate (national standard zero grade) 760,000 yuan/tonne. All three prices were raised versus the company’s late‑May long‑term procurement quotes.