Middle East Energy Shock: Oil slid to multi-week lows as markets priced in a potential US-Iran deal and the possible reopening of the Strait of Hormuz, easing pressure across European equities and gas prices. Central Bank Tightening: The ECB lifted rates by 25 bps, citing renewed inflation pressures from the Iran-linked energy shock, while Italy’s central bank cut its 2027 growth outlook to 0.4% on weak demand and higher energy costs. EU Sanctions & Trade Friction: A new EU Russia sanctions package reportedly includes entities in India, raising uncertainty for the EU-India trade deal’s ratification timeline. Energy Market Risk Ahead: Analysts warn the “buffers” are fading and that Hormuz normalization may not be quick, with inventories and supply chains still vulnerable. UK Russian Fuel Rules: Britain confirmed a planned end to licences for Russian diesel and jet fuel derived from Russian crude by Jan 1, 2027. Corporate Watch: The EU Commission conditionally approved Holcim’s acquisition of Xella, requiring divestment of an AAC blocks plant in Romania. Diplomacy & Infrastructure: Greece, Cyprus, Israel and the US agreed a 3+1 roadmap focused on energy security, critical infrastructure protection and interconnections.