US-Iran Peace Talks & Nuclear Terms: Pakistan says the US and Iran have agreed on the “final text” of a peace deal, with negotiations now focused on next steps; the White House says the framework would reopen the Strait of Hormuz, dismantle Iran’s nuclear programme, and include removal of highly enriched uranium under an inspection regime, while Iran insists nuclear details come later. Hormuz Shipping & Energy Risk: Despite deal optimism, the US says it shot down multiple Iranian one-way drones targeting commercial ships and says the trade corridor remains open; Iran also announced a full closure of the Strait of Hormuz in retaliation for US airstrikes, raising fears of major supply disruption. UAE Frozen Funds Dispute: Reuters reports the UAE agreed to unlock billions for Iran to curb attacks, but the UAE foreign ministry denies any $3bn+ transfer and says no frozen Iranian assets were released or facilitated. Markets React to De-escalation: Risk sentiment improved as oil slid on peace hopes; Bitcoin hovered near $64,000 and bullion rose, while Indian equities rallied on lower crude. Broader Economic Spillovers: UK GDP contracted 0.1% in April as Iran-war disruptions hit services, and the ECB lifted rates citing inflation pressures from the conflict. Tech & Security Flashpoint: Iran warns Elon Musk-linked assets (SpaceX/Starlink) could be treated as military targets, adding another layer of risk for regional business.