ADNOC's CEO said global oil inventories have been drawn down by nearly 1 bln barrels since transit through the Strait of Hormuz was disrupted.

The Reserve Bank of Australia is expected on Tuesday to deliver its fifth hike this year, raising the cash rate by 25bps to 4.85% — an 18‑year high — with money markets pricing roughly an 80% probability. The decision will include updated economic forecasts; Governor Bullock will hold a press conference one hour after the announcement. AMP economists Diana Mousina and My Bui say inflation remains well above target, has surprised on the upside with no clear sign of easing, and caution that failing to hike could damage RBA credibility and entrench higher inflation expectations. They point to domestic capacity constraints and a global energy shock as key inflation drivers. A hike would leave the RBA notably more hawkish than peers, after the U.S., euro area and Japan central banks recently held rates and the RBNZ paused unexpectedly last week.

At a press briefing today unveiling the Archaeological Work 15th Five-Year Plan, China's National Cultural Heritage Administration said the plan will stress innovation and continue a nationwide archaeology talent revitalization program and a special scheme for urgently needed high‑level archaeology talent. It will expand training for new hires and excavation project leaders, refine field‑archaeology teaching and evaluation standards, and strengthen the archaeology talent base.