US-Iran talks & Hormuz shipping: Indirect technical talks resumed in Doha via Qatari and Pakistani mediators, focused on reopening the Strait of Hormuz and turning a 14-point interim MoU into a longer ceasefire framework; Iran insists on maintaining control and possible fees, while the US says denuclearisation is progressing and warns it won’t restart full combat unless necessary. Oil market swings: Brent and WTI moved on ceasefire optimism and renewed uncertainty after Iran declined direct talks, with prices still sensitive to any shipping disruption risk around the corridor. Egypt fuel pricing: Egypt will restart its Fuel Automatic Pricing Committee in Q1, using its formula tied to global crude and the exchange rate, after the US-Iran conflict pushed international prices higher. Grid storage push (Saudi Arabia): Saudi Power Procurement Company prequalified 27 firms for six utility-scale BESS projects totaling 3 GW/12 GWh across provinces, aiming to boost reliability and renewable integration. UNDP warning on subsidies: A UNDP report says Middle East conflict fallout is forcing developing countries to burn fiscal space on fossil fuel subsidies, with subsidies projected to hit $1.1T in 2026. Nigeria fuel pricing enforcement: Nigeria’s regulator warned it will sanction oil marketers selling PMS above cost-reflective levels despite easing global crude prices.