US-Iran Peace Talks & Hormuz: The US and Iran are edging toward a short-term MoU to reopen the Strait of Hormuz and ease the US naval blockade, but both sides are trading conflicting messages on timing and terms. Pakistan’s PM Shehbaz Sharif says a “final, agreed upon text” is reached, while Iran’s FM Abbas Araghchi says the deal is “never been closer” yet still subject to final decisions. Sanctions/Funds: Iran’s Supreme Leader adviser Mohsen Rezaee says Trump approved release of $24B in frozen assets, while US VP JD Vance insists no money goes out just for signing—benefits come only after Tehran meets obligations. Security Flashpoints: The US says it downed multiple Iranian one-way drones targeting commercial ships; Iran also reports explosions near ports as it warns vessels. G7 Diplomacy: Arab leaders including UAE, Qatar and Egypt are set to discuss the Iran war and Hormuz blockage at the G7 in France, as Trump pushes to seal progress before the summit. Gulf Energy Spillover: Oil markets brace for disruption as Iran has threatened wider escalation, while Gulf refined-fuel exports reportedly rebound as tankers slip through. Regional Business/Policy: Türkiye reiterates disinflation policy plans despite shocks; North Macedonia invites Turkish investment; OTS competition forum in Shusha highlights $40B in mutual investments for economic integration. Macro Hit: UK GDP contracted 0.1% in April as Middle East conflict pressures costs and services activity.