US-Iran Shipping Clash: The US wrapped up its 13th straight night of strikes on Iran, aimed at degrading threats to commercial vessels around the Strait of Hormuz, as Bahrain sirens sounded and drones hit northern Iraq near the US base in Erbil. Red Sea Spillover: Iran-backed Houthis claimed attacks on two Saudi oil tankers at Bab el-Mandeb, adding pressure to an already strained Red Sea route and pushing oil above $100. Hormuz Cost Fight: Trump said frozen Iranian funds under US control will pay for ship and cargo damage; Iran’s FM Abbas Araghchi called it an “incendiary precedent.” Regional Risk to Logistics: Iran’s IRGC warned civilians to stay 500m away from sites hosting US troops and accused the US of targeting civilian infrastructure, including rail and ports. Trade & Transport Policy: US tariffs (10%-12.5%) hit Gulf partners including Bahrain, Saudi Arabia, UAE, Qatar, Kuwait and Oman, raising broader logistics cost pressure. Aviation Fuel Supply Workaround: Southwest chartered a ship to move 12.6M gallons of jet fuel from Texas to California during the spring crunch, citing Hormuz-linked disruptions. Cross-border Rail/Road Deals: Iraq and Iran signed four cooperation documents in Tehran, including road freight and a Khosravi-Khanaqin-Baghdad railway. Maritime Rules: The IMO rejected proposals to charge fees for Hormuz safe passage, saying they don’t fit international law.