US-Iran Escalation: The US and Iran traded fresh strikes for a second day, with Iran firing ballistic missiles and drones toward Bahrain, Kuwait and Jordan, while the US said it carried out “self-defense strikes” and hit Iranian surveillance and air-defense sites; Iran also declared the Strait of Hormuz closed to commercial shipping, warning vessels could be targeted, as Bahrain reported drone shrapnel damage after interceptions. Ceasefire Pressure: The renewed violence comes as Washington presses Tehran for a deal and considers letting Gulf allies tap frozen Iranian assets to cover war damages, while UN chief Guterres warns the region risks sliding back into “full war.” Aviation Disruptions: Airlines and airports keep adjusting: AirAsia X postponed its Bahrain route launch to at least August/September, and IATA warned the Iran conflict could halve global airline profits; Heathrow and other hubs reported passenger hits tied to Middle East tensions. Markets & Costs: Oil and freight volatility is feeding inflation worries, with reports of energy-price shocks weighing on growth and airline earnings, while investors track ECB rate expectations amid the Gulf crisis. Human Rights: HRW and Amnesty said GCC states tightened restrictions on expression and assembly, intensifying surveillance and fear for migrant workers during the conflict. Business in the Gulf: Emirates was named “Best Overall Airline in the Middle East” at APEX, and Americana Restaurants opened the first carpo store in Qatar.