Headlines: Fragile US-Iran de-escalation efforts continued as back-channel talks on the Strait of Hormuz progressed alongside negotiations over the release of Iranian frozen assets, although Israel intensified preparations for possible unilateral military action against Iran and regional tensions remained high. Hezbollah rejected the Israel-Lebanon framework agreement as Israeli strikes continued in Lebanon, violence persisted in Gaza, Israeli military activity expanded into southern Syria, Iraq accelerated efforts to disarm armed factions ahead of the US-led coalition withdrawal, and Pakistan conducted cross-border strikes into Afghanistan. Meanwhile, cyber activity against Israel reached record levels, Brent crude stabilised following the US-Iran stand-down, shipping through the Strait of Hormuz remained significantly disrupted with reduced transits and continued use of alternative routing and AIS-dark passages, Qatar imposed a nationwide maritime curfew after a civilian fatality linked to regional military operations, and the UAE lifted its travel ban on Lebanon while maintaining restrictions on travel to Iran and Iraq.
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