Iranian Fars news agency cites a source close to the negotiating team saying that even if talks yield a bilateral Iran-Oman agreement, that deal alone would not provide all the conditions required to secure the Strait of Hormuz.

Philadelphia Fed President Paulson, a 2026 FOMC voter, said bringing inflation back to 2% is his top priority and outlined two scenarios: current policy could already be sufficiently restrictive to return inflation to 2% within an acceptable timeframe, or policy may still be too loose — the strongest evidence for the latter being inflation has been above target for more than five years. He said he will judge by the accumulation of data: repeated months of improvement in inflation, business contacts reporting easing pricing and hiring pressures, tariffs, energy and AI-related pressures coming under control, and inflation expectations anchored near 2%. If core inflation remains elevated with no progress over time, tighter policy would likely be required. He said he will remain open-minded while seeking to achieve 2% inflation alongside full employment.

Night session open in China: main domestic futures largely lower. Ethylene glycol (EG), SC crude and propylene down more than 3%; fuel oil and LPG down about 3%; low-sulfur fuel oil (LU), methanol and PET chip down over 2%. On the upside, Shanghai silver up more than 3%; Shanghai lead, copper and nickel up over 1%; Shanghai tin up about 1%.