According to Axios, a US official said the duration and severity of any new US operations will depend entirely on Tehran’s next move. The current escalation could last one to two days, or extend to a week or a month if Iran continues attacks on commercial vessels in the Strait of Hormuz.

At the morning open, China's front-month futures were mostly higher. Fuel oil, low-sulfur fuel oil (LU) and SC crude oil rose more than 5%; methanol gained over 3%; benzene, asphalt, propylene and liquefied petroleum gas (LPG) were up around 3%. On the downside, container freight on the Europe route fell over 4%, Shanghai silver dropped nearly 4%; platinum, palladium and polysilicon declined more than 2%; Shanghai gold, Shanghai tin and stainless steel (SS) were down over 1%.

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