Hormuz Diplomacy Stalls: Iran’s FM Abbas Araghchi says Tehran is awaiting a “definitive” US response after Trump rejected a seven-day plan to reopen the Strait of Hormuz, stressing reopening would depend on conditions set by Iran’s Supreme National Security Council and that mediators have not delivered Washington’s formal position. Economic Pressure on Aviation: Iraq’s Shiite Coordination Framework will meet PM Ali Al-Zaidi over the suspension of Iranian flights, after US warnings that sanctions could hit any airport or service provider handling Iranian airline operations; Baghdad is also seeking exemptions for humanitarian and civilian travel. US-Iran Escalation Signals: IRGC officials warn they could strike US warships even in the Indian Ocean if attacks resume, while Iran’s army says it’s prepared for confrontation and insists trade must continue through Hormuz. Sanctions Campaign Claims Results: US Treasury chief Scott Bessent says “Operation Economic Outcast” is isolating Iran, citing halts by Türkiye, Oman and the UAE on Iranian airline flights and reduced banking transactions. Maritime Security Claims: Iran’s IRGC says it seized a second US unmanned submarine drone (Remus 600) in Hormuz for data recovery. Industry Resilience at Home: Iran’s stationery sector reports over 85% localization, with 350 million items produced in the first six months, highlighting how education and industrial capacity are feeding each other. Energy & Markets Backdrop: Oil price moves and rising global yields continue to reflect uncertainty around Hormuz and the broader war risk.