Germany's finance minister said one year after its launch €50 billion of a €500 billion special budget has been allocated.

At the morning open, most-active domestic futures were mostly lower: fuel oil down about 7%, low-sulfur fuel oil (LU) down >6%, Shanghai crude (SC), ethylene glycol (EG) and synthetic rubber down >5%, container-shipping Europe-route contracts down nearly 5%, benzene down >3% and polypropylene down ~3%. Winners: rapeseed meal and stainless steel (SS) up >1%, SHFE zinc up nearly 1%.

An IRGC spokesman said Iran and Oman negotiated roughly a month ago over the Strait of Hormuz and reached a mutually acceptable outcome, including agreements on allocation of maritime areas in the strait and division of revenues between Iran and Oman. Progress was delayed by US interference. The spokesman said if the US stops interfering and returns to the memorandum of understanding, Iran can open the strait within the agreed framework, but the US must accept Iran’s conditions; if the US does not accept those conditions, the Strait of Hormuz will absolutely not open.