Middle East Energy Shock: Iran’s closure of the Strait of Hormuz to all shipping on June 11 raises the stakes for global oil supply, with analysts warning of major price spikes and broader knock-on effects across shipping, inflation, and growth. Macro Impact: The World Bank cut its 2026 global growth forecast to 2.5%, citing the Middle East-driven energy shock and renewed inflation pressure. Markets: Oil slid as hopes of a US-Iran deal resurfaced, with Brent falling to about $87 and WTI to about $85, helping lift US stocks; still, the volatility risk remains high. Inflation Pressure: In the US, energy prices pushed May inflation to 4.2% (highest since 2023), underscoring how fuel costs are feeding consumer prices. Energy Transition & Deals: India’s ONGC outlined a long-term shift toward renewables, storage, and CCUS; JSW Energy agreed to buy Maruti Clean Coal & Power (300 MW) for about ₹1,410 crore; and PTRC (Canada) and OIL signed a framework on CCUS, geothermal, and clean tech collaboration. Policy Moves: Nepal opened its power sector further to private investment, including transmission, distribution, and trading. Grid & Infrastructure: Kansas communities won $13.7m in resilience funding, while Avista paused talks for a 500 MW data center energy request pending broader planning. Local Safety: A gas leak in Rawalpindi injured six people after an explosion and fire.