Oil-themed funds opened sharply higher but slipped into the red by afternoon. Harvest Crude Oil LOF, E Fund Crude Oil LOF and China Southern Crude Oil LOF turned negative after each had rallied more than 7% in early trading. Fullgoal S&P Oil & Gas ETF and an Oil LOF also fell. US President Trump said Iran called earlier and wants to reach an agreement.

Gold rose back above $4,100/oz after Wednesday’s sell-off, supported by a softer dollar and renewed Middle East tensions following another round of US‑Iran strikes. Rising energy prices could complicate the inflation outlook and bolster expectations the Fed will keep policy tighter for longer or hike further. June FOMC minutes showed an internal hawkish shift, pressuring precious metals. Capital Economics economist Thomas Ryan said: "The minutes reiterate that the door to a September rate hike remains wide open."

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%.