U.S. natural gas futures extended losses, down 3.0% after the EIA reported inventories rose more than expected.

Michael Stephens of the Royal United Services Institute says Iran, Oman and the GCC are holding behind‑the‑scenes talks on maritime traffic management in the Strait of Hormuz. It is unclear whether Iran and Oman have agreed transit fees. Stephens says Oman engaged Iran with GCC acquiescence, which suggests the GCC has accepted a 'new reality' for the strait. US Treasury Secretary Scott Bessent has argued a new pipeline would make the strait 'irrelevant', but Stephens warns pipeline construction will take time. He adds that, as talks enter a new phase, Iran is strengthening its bargaining position and the US should not treat the situation as a political or strategic victory.

Baghaei, Iran's foreign ministry spokesperson, said Iran, as the country with the longest coastline on the Persian Gulf and Gulf of Oman, urges all parties benefiting from Strait of Hormuz shipping to assume responsibility and remediate environmental damage to the waters.