Hormuz Diplomacy Under Strain: Iran says it has halted US talks and may fully block the Strait of Hormuz, while Trump insists negotiations are still moving “at a rapid pace,” keeping energy markets on edge. Lebanon Ceasefire Fallout: Iran’s chief negotiator warns diplomacy could stop if Israel’s Lebanon campaign continues, as Hezbollah and Israel signal shifting de-escalation terms. Shipping Meets a Toll Regime: A report describes Iran turning Hormuz into a state-managed toll system with transit permits and fees, plus crypto-linked insurance—prompting US sanctions and fresh compliance risk for traders. Gold vs Oil Signals: Gold edged higher as traders weighed conflicting Iran-US messaging, while oil prices whipsawed on talk headlines and renewed supply-route fears. Euro Zone Pricing Power: Reuters finds only about a third of euro zone firms are raising prices in response to the Iran war, suggesting less war-driven inflation than after Ukraine. Iran War’s Cost to Consumers: Moody’s economist estimates the conflict has hit US households by roughly $750 each, driven by fuel and military spending. Market Plumbing in India: India’s central bank is likely selling dollars via state banks and using buy-sell swaps as rupee pressure persists amid Iran-related uncertainty. Pakistan Energy Austerity: Islamabad orders markets to close by 8 pm to cut energy use, reflecting how the conflict is feeding into local inflation and cashflow stress.