By the morning close, China's main domestic futures contracts were mostly lower. Notable risers: SC crude oil +~12%, polysilicon +~4%, asphalt, China-Europe container freight and fuel oil >+3%. Notable decliners: glass and soda ash >-5%, caustic soda ~-4%, Shanghai tin >-3%, synthetic rubber, 20# rubber and PVC >-2%, rubber ~-2%.

Mohammad Elmasry, professor at the Doha Graduate Institute, said a planned Monday meeting between Iran and Gulf officials on the Strait of Hormuz could be a pivotal moment for U.S.-Iran war dynamics. He said Iran does not seek total rupture with its Gulf neighbours and must coexist with Saudi Arabia, the UAE and other Gulf states; Iranian leadership hopes for a post-conflict order in which regional states — not the U.S. — manage their own security, which would require cooperation with Saudi and other Gulf countries. Elmasry said the meeting’s outcome warrants close attention; a key question for markets is if Gulf leaders reach an understanding with Iran, how the U.S. would respond.

Saudi foreign minister Faisal bin Farhan said Gulf security depends on respect for sovereignty and that GCC member states will not tolerate attacks on their territory. He reiterated the need to preserve freedom of navigation and the safety of commercial shipping in the Strait of Hormuz and all sea lanes, warning any disruption would unsettle global markets, supply chains and economic growth.