A fragile pause in U.S.-Iran hostilities, a Gulf-backed proposal letting Iran collect fees for Hormuz Strait access, and a powerful earthquake that forced TSMC to evacuate a Japanese plant marked a busy day for geopolitical risk.
Diplomatic and security flashpoints multiplied, from a planned Trump-Zelenskyy meeting to a Gulf-backed plan for Iran to collect fees on Hormuz shipping traffic.
Zelenskyy returned to the Oval Office as Trump shifted toward backing Kyiv, while Iran's calls with Saudi Arabia and Oman over the Strait of Hormuz fed hopes of lasting de-escalation.
Iran held talks with Saudi Arabia and Oman over the Strait of Hormuz as the UAE pursued a broader recalibration of ties across the region, while the EU wrestled with the fallout of sanctions on Russia.
A fragile US-Iran pause is coinciding with a widening of conflict fronts from the Red Sea to the Caspian, alongside fresh Russia-Ukraine strikes and new Asia-Pacific drills.