Oil & Inflation Shock: Brent pushed past $100 a barrel as US-Iran strikes and Houthi attacks rattled shipping, lifting fuel costs and reviving inflation worries from the US to Europe and beyond. Energy Windfalls: Norway’s Equinor said the Iran-driven surge in liquids and European gas prices nearly doubled adjusted income to $11.48B, showing how quickly conflict can translate into corporate gains. Hormuz Risk to Trade: With Hormuz traffic at its lowest since May and Red Sea routes under pressure, analysts warn the double chokepoint threat could tighten global supply and raise costs for importers. Regional Spillover: Bahrain sounded sirens again after Iran said it hit US facilities in Bahrain and Jordan, while explosions were reported near a US base in Erbil. Diplomacy Under Strain: Iran dismissed a NYT claim about an Iraqi-led US ceasefire proposal as “misleading,” and Iran-Iraq leaders signed new MoUs to deepen cooperation. Tariffs Add Another Cost Layer: The US rolled out new 10%-12.5% tariffs on about 60 partners, including Pakistan and India, adding trade and price pressure on top of the energy shock. Business Impact in Iran’s Neighborhood: Eurozone firms reported limited pass-through of fuel costs so far, but warned the latest escalation could hit sentiment again. Iran’s Asset Plan Pushback: Iran’s FM Araghchi condemned Trump’s idea to use frozen Iranian assets to pay future shipping damage as an “incendiary precedent.” Market Mood: Stocks slid in multiple regions as oil jumped and tariff fears grew, with investors also watching AI spending and earnings for direction.