US-Iran Escalation: The US launched a ninth straight night of strikes on Iran, saying the goal is to “degrade” Tehran’s ability to attack commercial vessels in the Strait of Hormuz, as Iran claimed it hit US-linked targets in Kuwait, Syria and Jordan and said two oil tankers were “exploded and immobilised.” Hormuz Shipping Shock: Shipping through the strait stayed thin over the weekend, with only four ships reported crossing on Sunday and fewer LNG movements, keeping a supply-risk premium in oil prices. Oil & Fuel Spike: Brent pushed above $90 a barrel again, while US gasoline prices returned to $4/gal; Europe also saw gas prices jump sharply, and markets revived inflation worries. Diplomacy Still Open: US Secretary of State Marco Rubio said Washington remains open to a diplomatic solution if Iran changes course, pointing to a “split” inside Iran’s leadership. Gulf Civil Defence: Kuwait activated air defences and Bahrain reported sirens as drones and missiles flew, with damage claims focused on civilian infrastructure. Regional Energy Moves: Egypt’s Petrojet and ENPPI secured a $6bn Oman energy EPC framework deal, while Namibia confirmed state backing for a green hydrogen project and broader energy investment. Market Spillovers: Ryanair’s profit fell as jet fuel costs rose on the conflict; Asian equities were mixed and tech weakness weighed on sentiment.