Shanghai crude (SC) 2609 rallied intraday, extending gains to 1.01% at 518.2 yuan/barrel. Turnover about CNY 50.485 bln; open interest rose nearly 1,500 lots intraday as volume and OI activity picked up. Front-month fuel oil contract advanced over 2.0% to 3,419.00 yuan/ton.

CBS News reports Iran and Oman are negotiating a temporary plan to reopen the Strait of Hormuz that would waive transit and service fees for vessels.

SK Hynix shares rallied after US chip stocks rose and speculation the company may soon unveil a share buyback and other shareholder-return measures. As a key supplier of high-bandwidth memory for NVIDIA, SK Hynix jumped as much as 7.9% in Seoul on Wednesday morning, outpacing Samsung Electronics (+~6%). Market attention centered on a 25-trading-day quiet period after the company’s ADR issuance that expired on Aug. 4; market participants say the expiry removes a key barrier to disclosing shareholder-return plans. Independent analyst Douglas Kim said SK Hynix is likely to announce a major shareholder-return package soon, potentially including buybacks, share cancellations and a special dividend. Brokers including William Blair initiated ADR coverage overnight with Buy ratings.