S&P 500 FUTURES EXTEND DROP TO SESSION LOW, DOWN 0.1%

PetroChina Co. reported its best-ever quarterly profit, with Q1 net income rising to 48.33 billion yuan ($7 billion) from 46.8 billion yuan a year earlier, driven by higher energy prices amid Middle East conflict and Strait of Hormuz disruption. Upstream profit fell 12% despite a 0.7% output increase due to weaker crude prices, while gas profit rose to 18.87 billion yuan. Marketing and refining segments saw strong gains, up 28% and 54% respectively. Elevated global prices supported chemicals and exports, offsetting refining pressure.

INDIA OFFICIAL: INDIA IS DISCUSSING WITH IRAN FOR EXIT OF VESSELS