US-Iran Hormuz Diplomacy: Qatar says mediation is “ongoing” and draft language for a short-term US-Iran resolution is being circulated, while Iran insists it is only discussing a temporary shipping arrangement with Oman—one that would give Tehran control over inbound traffic and visibility over outbound movements. Shipping Pressure: Strait of Hormuz traffic remains subdued as another incident is reported near Oman, keeping energy markets jumpy. Trump’s “Last Chance” Pressure: Trump reiterates a deal must come “today or tomorrow,” warning of “decapitation” if talks fail, as Tehran rejects claims that direct negotiations are underway. Military Readiness: Reuters reports the US Army has used “virtually all” ATACMS and Precision Strike missiles in the Iran war, raising concerns about stockpile strain. Oil Impact: Aramco says the conflict has removed 2.6 billion barrels from global supply and warns inventories may take up to 18 months to refill if Hormuz reopens. Regional Economy & Trade: Saudi Arabia’s Al-Ahli confirms its final pre-season friendly amid coaching uncertainty, while the European Chamber of Commerce in Saudi Arabia flags expanded EU-Saudi investment ties.