US-Iran Escalation & Oil Shock: Fresh “self-defense” strikes between the US and Iran near the Gulf coast and Strait of Hormuz are reigniting supply fears, pushing crude up more than 2–3% and keeping markets jittery as ceasefire talks drag. Deal Draft Under Pressure: Trump has sent back a revised Iran ceasefire/nuclear framework with tougher conditions, while Tehran says it will amend the text too and won’t sign without secured rights—leaving asset-unfreezing and Hormuz reopening as the big sticking points. Hormuz Shipping Tensions: Iran signals it will manage Strait of Hormuz transit rules and warns against interference, as Kuwait reports missile/drone interceptions during the latest flare-up. Iran Negotiations Spill Into Regional Trade: Kazakhstan says it’s ready to store enriched Iranian uranium if a US-Iran nuclear deal is reached, while Iran’s push for land-based “economic lifeline” routes (rail corridors) highlights how businesses are preparing for maritime disruption. Business Impact Beyond Iran: India keeps domestic jet fuel prices unchanged after airline pleas amid war-driven cost pressure; Asia’s factory activity expands as firms stockpile buffers; and tourism-dependent Southeast Asia faces flight cancellations and higher ticket prices from jet fuel costs and ceasefire uncertainty. Markets Watch: India’s Sensex/Nifty sees choppy trade as oil and geopolitics compete with AI-led optimism; gold slips on a stronger dollar and higher crude.