Strait of Hormuz Talks: Iran and Oman say they’ve agreed on the geographic coordinates for a new shipping route and are finalizing a joint statement to manage passage, but Tehran stresses reopening depends on the US meeting its commitments and warns the strait won’t be “safe” for all traffic. Market Impact: Oil whipsawed as de-escalation hopes eased the risk premium, with Brent hovering around $80 after a Houthi missile attack on a Saudi tanker in the Red Sea/ Gulf of Aden reignited supply worries. Security Pressure: Iran warned Gulf states that any new US strike would trigger retaliation against regional energy infrastructure, while US officials claim commercial vessels have been redirected during the blockade. Red Sea Disruption: Yemen’s Houthis again claimed attacks on Saudi tankers, keeping maritime risk elevated even as Hormuz negotiations progress. Power & Gas Sector: Siemens Energy reported a record gas turbine order book (€162bn), citing demand from US data centers and Middle East power projects. Local Energy Politics: US Energy Secretary signaled another Jones Act waiver extension as pump prices stay high; in Iraq, the Hormuz-linked export squeeze is straining public salary payments. Food-Fuel Link: The UN FAO warned Middle East and Ukraine war fallout plus El Niño could drive another food price surge, with Hormuz disruption affecting both fuel and fertilizer inputs. Project Pipeline (Kuwait): L&T Energy won a Kuwait Oil Company EPC contract for Jurassic light crude export facilities and new storage tanks, underscoring continued Gulf oil infrastructure build-out.