At the midday close, China’s main futures contracts were mostly lower: Shanghai crude (SC) and fuel oil fell more than 8%; benzene dropped over 7%; synthetic rubber, styrene (EB), low-sulfur fuel oil (LU) and p-xylene declined more than 6%; LPG was down nearly 6%. On the upside, palladium, platinum and Shanghai silver rose over 3%; lithium carbonate and Shanghai tin gained over 2%; red dates, Shanghai gold and caustic soda were up more than 1%.

Oil slumped at Monday’s open as traders reassessed Middle East supply risk after the US and Iran paused reciprocal strikes. Brent futures fell about 6% to near $91/bbl and WTI dropped below $84/bbl. European gas slid as much as 7.8%. The US suspended strikes late Friday after 13 days of operations; Iran’s army said Tehran had paused its responses. Yemen’s Houthi movement said it struck ARAMCO facilities at Jazan and Yanbu on Saturday; Riyadh and ARAMCO did not immediately confirm. The conflict has spread from the Strait of Hormuz to the Red Sea; Brent is up roughly 30% this month and briefly topped $100/bbl last week. The near five‑month-old hostilities, thin global spare capacity and rising refined-product prices have intensified concerns about upward pressure on global inflation, and markets questioned the US administration’s next move.

Local officials said a Ukrainian airstrike on Russia's Rostov-on-Don killed two people.