Red Sea Shipping Shock: Yemen’s Iran-backed Houthis claimed missile/drone attacks on two Saudi oil tankers (Encelia and Layla) near Bab el-Mandeb, with Saudi confirming a fire on one vessel—raising fears of a new chokepoint and more rerouting. US-Iran Escalation: Trump warned of “major military punishment” for Iran if Houthis keep attacking ships, while the US carried out a 12th straight night of strikes aimed at degrading Iran’s ability to threaten commercial mariners. Hormuz Pressure & Infrastructure Threats: With Strait of Hormuz traffic still constrained and both sides trading threats over bridges and power plants, insurers and operators are bracing for longer disruptions. Regional Diplomacy at ASEAN Forum: ASEAN foreign ministers in Manila called for freedom of navigation and unimpeded passage through Hormuz, as the Middle East crisis dominated talks and energy fears spread across Asia. Energy Costs Rising: Oil prices surged toward $100 as Red Sea risks compounded existing supply-route stress, pushing fuel and logistics costs higher for markets already on edge. Maritime Security Focus: India’s Jaishankar said attacks on seafarers, civilian shipping, and infrastructure “cannot be countenanced,” urging strict adherence to international maritime law. African Union Condemnation: The AU backed Saudi and condemned Red Sea tanker attacks as a threat to maritime security and global supply chains. Iraq Oil Route Work: Iraq’s oil ministry signed major deals with US firms and discussed reviving an Iraq–Syria pipeline to export without relying on Hormuz transit.