U.S. Secretary of State Rubio said after talks with Gulf Cooperation Council ministers that Gulf states oppose a toll system in the Strait of Hormuz and that Oman explicitly rejects charging passage fees; establishing such a system is not feasible. He said it is unclear whether Qatari-held Iranian funds have been moved and the GCC meeting did not discuss a $300 billion reconstruction fund. Rubio added that if negotiations with Iran fail, Trump has multiple options. The U.S. is closely monitoring

CHINA STATE PLANNER and the National Energy Administration issued the 15th Five‑Year Plan for New Energy System Construction, directing coal-fired power to pivot toward supporting flexible, peaking and balancing roles. The plan calls for optimizing coal-power layout and reasonably controlling coal-fired installed capacity and generation; implementing next‑generation coal plant retrofits to enhance deep peak regulation and fast‑ramp capabilities; and encouraging zero-/low‑carbon fuel co‑firing and carbon capture, utilization and storage (CCUS) to achieve cleaner, lower‑carbon operations. It also directs continued coal‑unit retirements and life‑extension management, rational planning and construction of gas‑fired plants, and expanded demonstration and deployment of domestically produced gas turbines.

Brent settled down $3.34 (-4.3%) at $73.74/bbl and U.S. crude fell $2.87 (-3.9%) to $70.34/bbl, returning to levels seen before the US‑Israel‑Iran conflict erupted as more previously idled tankers left the Strait of Hormuz and supply concerns eased. ING said positive signals from the Persian Gulf are boosting optimism about restored flows through the Strait of Hormuz; vessel transits have risen but remain well below pre‑war levels.