Strait of Hormuz & Sanctions: Iran’s Strait of Hormuz regulator (PGSA) says “authorised” ships must pay service fees and warns non-compliant vessels could face fines, detention or confiscation as tensions rise and the waterway remains a key global oil chokepoint. Diplomacy Under Pressure: Iran’s president Pezeshkian defended a US memorandum as the best path out of “neither war nor peace,” while Iran’s new security chief warned Gulf states that joining US “economic war” would make them enemies—amid reports the US is preparing “unprecedented” new sanctions. Regional Mediation: Pakistan’s army chief Asim Munir is set to travel to Tehran to revive stalled US-Iran talks, as Islamabad tries to position itself as a stabilising diplomatic player in a Middle East in transition. Energy Security & Cyber: Iran-linked hackers shut down a UK power plant for four days, adding to concerns that the conflict is spilling into critical infrastructure. Oil & Gas Developments: Egypt’s Petroleum Ministry met ADNOC Drilling to discuss expanding onshore and offshore well programs, while Iraq plans to attend Gastech 2026 to bring in gas and LNG know-how. Market Spillovers: Oil prices and shipping risks tied to the Iran conflict continue to feed inflation and trade uncertainty, with global crude and refined product flows under strain.