Strait of Hormuz Watch: Iran issued a fresh warning to oil tankers and commercial vessels, saying ships must follow Tehran-approved routes or face “immediate and forceful response,” keeping energy-security jitters alive even as shipping resumes. Gulf Oil Flows: Gulf crude and condensate exports jumped in June to about 10.07m barrels per day, led by record UAE flows, helped by the US-Iran ceasefire that cleared a backlog faster—though volumes still sit far below pre-war levels. Oil Prices: Benchmarks stayed mostly flat as markets weighed easing Hormuz disruptions against lingering uncertainty over the US-Iran truce and the still-contentious toll question. KPC Legal Update: Kuwait’s new KPC Decree-Law No. 67 of 2026 is drawing attention for how it may speed contracting decisions while keeping oversight via post-audit checks, plus a ban on local/commission agents in future KPC contracts. Telecom Expansion: Zain won a 20-year Syria mobile licence in a $747m deal, with plans to launch its brand in 2027—another Gulf push into post-war infrastructure. Environment: KEPS warned plastic pollution is harming marine ecosystems and food security, urging stronger land-based waste controls. Regional Security: CENTCOM held talks in Bahrain with Kuwait and other partners to back the “free flow of commerce” through Hormuz.