US-Iran De-escalation: President Donald Trump says he’s halting planned strikes on Iran, conditional on a “rapid” deal that includes the immediate reopening of the Strait of Hormuz and an end to Iran’s nuclear threat, while Iran denies any pause request and warns of retaliation. Oil & Markets: OPEC+ agreed in principle to a small quota hike for September, aiming to unwind 2023 cuts gradually; the move matters as Hormuz risk keeps energy prices jumpy and inflation fears linger. Gaza Diplomacy: Trump hails a Hamas disarmament framework, but Israel’s objections and unresolved terms leave the Gaza deal fragile. Iran Sanctions & Industry: Iran says it has localized 2,000 sanctioned petrochemical components to boost domestic production, as the US also tightens sanctions on entities accused of supporting Iran’s IRGC. Iraq-Türkiye Energy Trade: Iraq and Türkiye signed/extended a one-year oil pipeline deal routing at least 750,000 bpd to Ceyhan, a key export lifeline amid Hormuz disruption risk. Regional Economic Signals: IMF says Saudi Arabia’s economy has shown resilience in the face of the Middle East war, but warns the outlook hinges on shipping through Hormuz. Business & Cost Pressure: UK Chancellor John Healey vows a crackdown on price gouging as the Iran conflict feeds into fuel and supermarket costs. Tech & Jobs: Israel’s hi-tech sector cuts about 9,500 jobs in the first half of 2026, with AI cited as reshaping hiring and roles.