Iran-US escalation: Trump said the US will hit Iran “very hard,” with reports of possible weekend strikes that could target energy infrastructure. Travel & security alerts: US embassies across the Middle East urged Americans to consider leaving or be ready to depart, warning of flight cancellations, airspace closures, and “unforeseen escalation.” Energy infrastructure risk: Iran defended its Hormuz blockade and tanker strikes as lawful self-defence, while warning Gulf states and Israel that attacks on civilian infrastructure could trigger wider retaliation. Markets & shipping: Oil prices settled higher, logging the strongest month since March, as Hormuz disruptions and tanker incidents kept crude flows tight; UN chief Guterres called for an immediate end to the conflict and restoration of navigation rights. Regional supply moves: Iraq and Türkiye signed a one-year deal to export at least 750,000 bpd via the Kirkuk–Ceyhan pipeline, aiming to reduce reliance on Gulf shipping lanes. Project momentum: Eni and TotalEnergies approved investment for Cyprus’ first offshore gas field, with gas slated for Egypt’s Damietta LNG hub. War’s side effects: A fire broke out at an oil refinery in Hewlêr (Erbil), while Houthis claimed they forced eight Saudi oil tankers to change course. Corporate windfall: ExxonMobil and Chevron posted blowout profits tied to the war-driven supply shock, even as gasoline prices stay politically sensitive.