US-Iran Ceasefire & Hormuz Reopening: The US and Iran announced an interim framework to end fighting and reopen the Strait of Hormuz, with Trump authorising removal of the US naval blockade and “toll-free” passage; Pakistan says the signing is set for June 19 in Switzerland, while Iran discusses a 60-day transition and possible future navigation service fees. Maritime Safety & Freedom of Navigation: The IMO welcomed the deal, citing verified attacks on shipping around Hormuz since late February and stressing freedom of navigation; Cyprus also backed the move, urging de-escalation and faster implementation. Regional Friction Remains: Israel’s defence leadership signalled it will not withdraw from southern Lebanon, keeping a major wildcard for enforcement of the wider ceasefire. Energy & Logistics Impact: Oil prices slid sharply (Brent around the low-$80s) as markets priced in restored flows, but analysts warn full normalisation for shipping and supply chains could take months. Rail & Trade Connectivity: Saudi Arabia awarded contracts to expand its rail freight network, including a new 22.7km Dammam 2nd Industrial City connection, supporting industrial logistics under Vision 2030. Cross-border Talks: Jordan and Syria held expanded talks in Damascus covering transport, civil aviation, trade facilitation and infrastructure cooperation. Construction Demand in Saudi: Saudi Arabia awarded two Chinese firms about $506m to build nearly 4,500 housing units, a reminder of ongoing infrastructure build-out alongside transport upgrades.