The Iranian oil minister has urged the public to reduce energy consumption, while dismissing the impact of the US naval blockade, CNN reports; the government has instructed government offices to cut electricity use by up to 70%

[MARKET UPDATE] Crude benchmarks continue to gain (WTI +3.1%), putting pressure on equity futures and fixed income benchmarks while DXY holds onto the 99 handle

The Japanese Government is considering reviving power and gas subsidies this summer, according to sources; Plan is to use reserve funds and no extra budget eyed for now

The Iranian oil minister has urged the public to reduce energy consumption, while dismissing the impact of the US naval blockade, CNN reports; the government has instructed government offices to cut electricity use by up to 70%

The BoE has raised concerns over plans to cut the capital requirements of specialist trading firms, the FT reports; BoE officials are worried they could increase financial stability risks by making firms less able to withstand a crisis

KKR is exploring the sale of Flora Food Group at up to USD 10bln