Former CSRC Party Committee member and vice chairman Fang Xinghai is suspected of serious disciplinary and legal violations and is under disciplinary review and investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

WTI crude jumped 7% intraday to break above $93/bbl. Brent crude gained over 5% to $95.31/bbl.

Iran war-related disruption to crude-derived napatha supply has driven a sharp rise in Japan's imports of basic petrochemical feedstocks for plastics, with buyers shifting to lower-cost sources in China and South Korea, Nikkei reports. Trade data show ethylene imports from March–May were 14x YoY, butadiene imports more than doubled, and benzene imports rose over 28x. Exports have fallen; ethylene exports in May were near zero. Per the Japan Petrochemical Industry Association, April ethylene imports exceeded exports by 19,000 tonnes and May by 15,000 tonnes — the first monthly net ethylene import since comparable data began in 2000.