Hormuz Crisis Escalates: The US resumed a naval blockade on Iranian ports and warned mariners to follow CENTCOM guidance, as US-Iran strikes and Iranian attacks on tankers near Hormuz intensified. Shipping Hits Real-World Nerves: UAE said Iranian cruise missiles struck two of Abu Dhabi National Oil Co-linked tankers in Omani waters, killing an Indian crew member and injuring others; separate reports also described attacks on other tankers near Musandam and off Oman, raising fears for crude and LNG loading. Trump’s Policy Flip: Trump dropped a proposed 20% Hormuz “reimbursement” fee, saying Gulf states will instead make trade and investment deals with the US, while still promising a “FULL Blockade” on ships tied to Iranian ports/cargo. Regional Pressure Beyond the Gulf: Iran’s IRGC warned no oil or gas would be exported while US forces stay in the region, and analysts flagged Bab el-Mandeb as a potential next choke point. Market Spillover: Oil jumped to a one-month high on renewed Hormuz risk, while US inflation cooled on falling energy prices—though economists warned the July outlook is clouded by renewed conflict. Iraq Pivot: Trump met Iraqi PM Ali al-Zaidi, signaling major oil and trade deals and a planned US troop withdrawal by Sept 30 tied to disarming Iran-backed militias. Deal Watch: Abu Dhabi’s 2PointZero agreed to buy US gas midstream assets via its ePointZero unit in a $2.25bn deal, aiming to expand into North American infrastructure.