Baltic Dry Index (BDI) rose 0.86% to 3,399 points.

On the evening of the 20th local time, at 18:30, Iran's military said its air defense units, using a domestically developed air-defense system, shot down and destroyed an advanced "Orbiter" unmanned aerial vehicle over the Strait of Hormuz in southeastern Iran.

Fed’s Goolsbee warned the Fed cannot ignore repeated, persistent supply shocks and may need to respond in ways that cause economic pain. He said supply shocks are occurring more frequently, with greater magnitude and longer duration, and if they prove persistent the argument for ‘‘ignoring’’ them no longer holds. Policy responses to supply-driven inflation need not be as aggressive as for demand overheating, but the adjustment will not be painless, he added, noting stagflationary shocks force a painful trade-off between employment and inflation and the only route back may be a hard one.