Oil futures rallied sharply after President Trump announced unprecedented economic measures against Iran, with market concerns about unintended consequences. TP ICAP's Scott Shelton warned that China might reduce oil purchases from the market entirely, cutting runs even more. Most-active WTI crude rose 3.6% to $87.43 a barrel, while Brent gained 3.1% to $94.47.

British energy company Ithaca Energy increased its full-year dividend guidance, now targeting $500 million to $530 million, up from the previous $470 million to $520 million range. Bof A analyst Cian Evans-Cowie noted that higher production from organic growth projects and a cashflow-linked payout policy could further boost dividends. Shares rose 2.5% to 264 pence.

Sembcorp Industries received a positive outlook from Phillip Securities Research's Paul Chew, despite 1H results coming in below expectations. The Singapore-based company is expected to benefit from the commercialization of its 600 megawatt power plant in the second half, along with monetization of excess gas and land sales. Phillip Securities raised its rating from accumulate to buy and lifted its target price to S$7.21. However, challenges in China and seasonal weakness in renewables remain concerns.