US-Iran Escalation: The US and Iran traded strikes for a second day, raising fears of a wider Middle East war even as a US-Iran ceasefire framework is being negotiated; an attack on an oil tanker allegedly trying to breach the US blockade killed three Indian mariners, highlighting risks to shipping. G7 Diplomacy & Lebanon: G7 leaders backed a Lebanon ceasefire and urged talks to prevent Iran from obtaining a nuclear weapon, while also pushing efforts to diversify energy routes away from the Strait of Hormuz. Hormuz Energy Shock: Analysts warn that even if the Strait of Hormuz reopens, physical oil flows may stay tight for months, with normalization possibly stretching into 2027. Iran Deal Economics: Reuters reports a proposed $300bn private investment fund tied to the US-Iran framework, with more than half already pledged, aimed at creating incentives for a final settlement. Regional Markets: Investors in Asia and Europe reacted to peace-deal hopes and oil price moves, while central banks elsewhere weighed ongoing inflation and geopolitical risk. Qatar Mediation: Gulf Times highlights Qatar’s role in facilitating the US-Iran MoU, with ambassadors praising steps toward reopening Hormuz and restoring navigation. Local Impact—Fertilizer: In the US, urea prices are falling after Hormuz disruption, but the relief is arriving too late for some farmers.