US-Iran brinkmanship: Trump says “good talks” with Iran are underway but warns he’ll strike “Pickaxe Mountain,” bridges and power plants if no deal is reached, while Iran’s deputy foreign minister rejects the idea of negotiations and points to Oman’s Hormuz proposal. Hormuz governance: Oman is pushing a Malacca-style system of voluntary fees and joint management for Strait of Hormuz; Iran rejects Oman’s earlier route-splitting idea and warns any country benefiting from frozen Iranian assets won’t be allowed to transit. Oil market swing: Oil prices slide on hopes of a US-Iran pause/ceasefire, with WTI and Brent easing as shipping fears cool. Saudi-Iraq drone war: Saudi air defenses intercepted and destroyed drones launched from Iraq targeting Eastern Province oil facilities; Saudi vows to respond, as Houthis claim attacks on Saudi-linked tankers. Turkey-Iraq energy push: Erdogan hosts Iraqi PM al-Zaidi in Ankara as both countries agree to deepen energy cooperation, including restarting the Kirkuk-Ceyhan pipeline and Turkey Petroleum taking a stake in Kirkuk. Yemen Red Sea risk: Houthis claim ballistic missile strikes on a Saudi oil tanker, keeping Bab el-Mandeb disruption risk in focus.