Strait of Hormuz & Shipping Disruption: Four Iranian-flagged tankers slipped through Hormuz with AIS off, carrying about 7m barrels, as the US blockade keeps the waterway largely constrained; Iran also says it wants “service fees” with Oman for navigation, security and cleanup rather than transit tolls. Ceasefire Fallout in Lebanon: Israel and Lebanon agreed to implement a ceasefire, but Hezbollah rejected the terms and Israel said it won’t withdraw troops, keeping uncertainty high for any wider Iran deal. Energy Prices & Terminals: Oil prices edged up as Hezbollah rejected the Lebanon proposal and Oman’s Mina al Fahal suspended loadings after an explosion tied to a suspected drone attack. Aviation & Fuel Watch: EU transport chief Apostolos Tzitzikostas said there’s currently no jet fuel shortage in Europe, though airlines have already cut routes due to high prices. Logistics/Ports & Costs: Spain’s April crude imports rose 15.8% but Middle East volumes fell sharply, highlighting how the Iran-linked shipping squeeze is reshaping supply routes. Humanitarian Pressure: WFP warned the conflict is pushing millions toward hunger as transport and fuel costs lift food prices and aid shortfalls force cutbacks. Regional Transport Safety: A train crushed a bus and an army van at a rail crossing in Aba, Nigeria, underscoring ongoing rail-road safety gaps.