SC crude main contract rose 4.00% intraday to 723.50 yuan/barrel.

S&P Global said on Wednesday its preliminary US composite PMI rose to 58.4 in September from 56.0 in August, the strongest reading since July 2021, driven by a surge in new orders and broad gains in both services and manufacturing. S&P said the PMI is consistent with roughly 5% annualized GDP growth. Backlogs and supply delays jumped sharply, indicating capacity shortfalls and pushing prices higher. S&P Global Market Intelligence chief commercial economist Chris Williamson said both sectors are clearly strong but, excluding pandemic distortions, the expansion is occurring alongside one of the most severe supply-chain bottlenecks in nearly 20 years. S&P added that supply constraints have been largely linked to the US and Israel campaign against Iran, now in its seventh month.

US President Trump said a meeting with Iran went very smoothly.