China glass most-active futures contract slipped below 900 yuan/ton, down 1.86% on the day.

At the morning open, most-active domestic futures were mostly lower: fuel oil down about 7%, low-sulfur fuel oil (LU) down >6%, Shanghai crude (SC), ethylene glycol (EG) and synthetic rubber down >5%, container-shipping Europe-route contracts down nearly 5%, benzene down >3% and polypropylene down ~3%. Winners: rapeseed meal and stainless steel (SS) up >1%, SHFE zinc up nearly 1%.

Axios reports Secretary of State Rubio has told allied officials the US does not currently expect to launch new military strikes against Iran. The Trump administration’s current approach is to temporarily avoid military action and instead tighten economic pressure via a US naval blockade and a new round of Treasury sanctions while pushing to keep as much oil as possible flowing through the Strait of Hormuz. US officials say clearing most sea mines in the Strait and rising tanker traffic via southern routes have materially reduced Iran’s leverage over global energy markets; a US official said, "Iran has lost control of the Strait, and now the US controls it." Officials add the blockade is cutting off key Iranian revenue, with few tankers seen near Iran’s main export hub Kharg Island in the past two weeks. Rubio said there is no plan to resume large-scale military operations now but the US retains strike options if Iran strikes first; another US official said the policy is expected to remain at least until the midterm elections, after which military options could be revisited.