Strait of Hormuz Standoff: Oil prices pushed higher as Iran and Oman near a shipping-lane arrangement but Tehran says the Strait of Hormuz won’t fully reopen until the US lifts sanctions, ends the port blockade, releases frozen assets, and provides compensation—while the US keeps redirecting vessels under its blockade. US-Iran Diplomacy Tone Shift: Trump said Washington is “low-keying it” and “only semi-negotiating,” leaning on economic pressure rather than fresh strikes, as Iran rejects direct talks until US conditions are met. Iran’s Internal Moves: Iran reshuffled top security leadership, appointing Mohsen Rezaei to the security council and moving Mohammad Bagher Zolghadr to a political adviser role, amid Hormuz negotiations. Gulf Security & Defense: Saudi Arabia, Turkey and Pakistan signed a joint defense pact treating attacks on one as attacks on all, adding to regional risk calculations for energy infrastructure. ADNOC Gas LNG Diversification: ADNOC Gas is exploring a new LNG export facility in Fujairah to route shipments around Hormuz, while reporting profit pressure tied to disrupted maritime routes. Maritime Disruption & Spill Risk: A sanctioned tanker (Caroline Bezengi) reportedly spilled oil off Oman after running aground, underscoring environmental and operational fallout from the wider conflict. Regional Energy Politics Beyond Hormuz: Pakistan plans a customs-bonded petroleum storage framework to let foreign suppliers hold inventories locally and re-export, aiming to build a trading hub.