At the morning close, China’s main commodity futures were mostly lower. Benzene, fuel oil and SC crude fell more than 6%; synthetic rubber and styrene (EB) declined about 6%; p-xylene, low-sulfur fuel oil (LU) and PTA dropped over 5%. Winners included Shanghai silver, up nearly 3%; palladium and platinum, up more than 2%; Shanghai tin, up about 2%; caustic soda and glass, up just over 1%.

Retired US Air Force colonel Cedric Leighton said Iran may have an edge in sustaining a prolonged conflict because it retains large weapon stocks while the US is drawing down high-end precision-guided munitions that could take years to replenish. Leighton said Iran still holds substantial reserves of missiles, drones and rockets and estimated Tehran retains roughly two‑thirds of its original stocks despite months of US strikes. He said US strikes have destroyed command-and-control nodes, weapons systems and military infrastructure but have not degraded Iran’s ability to continue attacks. Leighton cited an estimate that more than 1,400 Patriot interceptors may have been expended so far; if accurate, US air defenses elsewhere could be vulnerable while inventories are rebuilt.

A wildfire in the Gironde department in southwest France has burned about 42,000 hectares and prompted the evacuation of roughly 220,000 people, the Gironde prefecture said on July 26. More than 6,000 evacuees were housed overnight at an evacuation center at Bordeaux's exhibition centre.