Strait of Hormuz Flashpoint: Trump said he will “bomb” Oman if it “gets in the way” of US-Iran Strait of Hormuz talks, while Iran warned it will shift to a “fully offensive” posture after the 60-day framework window expired—pushing Brent above $91 and keeping shipping crossings at a trickle. Market Shock: Rising oil risk fed through to bonds and equities, with US 30-year yields hitting the highest since 2007 and European shares slipping as inflation fears returned. Saudi Diversion Signal: Saudi Aramco resumed ship-to-ship heavy crude loading from inside the Strait area and offered cargoes near Oman/Fujairah, a sign of continued rerouting to reduce chokepoint exposure. Maritime Incident: A projectile damaged a vessel’s engine room while transiting out of Hormuz near Oman; no environmental damage was reported. Iraq Energy Moves: Iraq inaugurated a new central gas processing plant at the Faihaa field to cut flaring and supply fuel for power generation, while Iraq also revived plans for an Iraq-Syria pipeline to bypass Hormuz (years and billions). Industrial & Grid Tech: Schneider Electric will host an Abu Dhabi summit focused on energy tech for AI and resilient power systems, as the region’s demand growth accelerates. Korea Petrochem Update: S-Oil’s Shaheen expansion targets higher-value petrochemicals and improved energy efficiency, aiming to lift competitiveness.