At the midday close, onshore Chinese commodity futures' most-active contracts were mostly lower. SC crude jumped over 11%; asphalt, fuel oil and container freight (Europe route) rose more than 2%. On the downside, glass fell about 6%, soda ash dropped over 5%, caustic soda and Shanghai tin declined nearly 4%, synthetic rubber lost over 3%, while PVC, benzene and rapeseed meal were down more than 2%.

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.

ECB governing council member Kazimir said inflation risks are clearly tilted to the upside.