Strait of Hormuz Diplomacy: Oman has put forward a Gulf-backed plan to jointly manage the Strait of Hormuz using voluntary ship fees for navigation, safety, environmental protection and search-and-rescue, but Iran has rejected it, insisting on greater control and saying the proposal has “no chance,” while the U.S. again dismissed any tolls or fees. Regional Security Escalation: The fragile lull collapsed as the U.S. and Saudi Arabia launched strikes on Iran-backed groups in Iraq after drone attacks on Saudi oil targets, while Iran said it fired missiles at U.S. forces in Jordan and claimed it stopped tankers in the strait—pushing fresh uncertainty for Gulf shipping. Oil Markets: Oil rebounded sharply as tensions flared, with Brent and WTI rising more than 3% amid renewed supply-risk fears tied to Hormuz disruptions and falling U.S. crude inventories. Oman Environment & Industry Risk: Oman’s Environment Authority urged immediate action plans for oil spills, highlighting potential damage to marine life, fisheries, tourism and local livelihoods. Construction Supply Chain Watch: A Gulf sand-supply report warns that major infrastructure projects are outpacing oversight, raising worker-safety and governance risks across extraction, processing and transport.