0720 GMT - Oil prices gain more than 2.5% following fresh U.S. strikes on Iran after Tehran launched drones at commercial ships in the Strait of Hormuz, testing an already fragile cease-fire. In early European trading, Brent crude for July delivery is up 2.6% to $96.74 a barrel, while WTI futures rise 2.6% to $90.95 a barrel. "Traders have become increasingly cautious about holding long exposure to the oil market ahead of headlines showing progress in ending the conflict," analysts at ANZ say. "Oil supply remains constrained, and key sticking points have yet to be resolved." Meanwhile, traders await official stockpiling data from the U.S. Energy Information Administration due later on Thursday as supply disruptions trigger large inventory drawdowns. (giulia.petroni@wsj.com)
Iron Ore Edges Lower; Chinese Demand Seen Offsetting Weak Steel Production -- Market Talk
0235 GMT - Iron ore edges lower in Asian trade, extending Wednesday's decline. Chinese iron-ore import demand was strong in FY 2025, offsetting weak steel production in the country, Citi analysts say in a note. They expect the implied lower use of scrap in steel-making to support iron ore demand, providing a tailwind for the ferrous metal. The most-traded iron-ore contract on the Dalian Commodity Exchange drops 0.1% to 780.0 yuan a metric ton. (megan.cheah@wsj.com)
