Macro Pressure Builds in India: Crisil flags April retail inflation edging up to 3.48% and warns West Asia conflict is now the dominant risk, with food pressures rising (vegetable oil, tomatoes) while fuel inflation eases—yet core stays firm at 3.7%. Oil Shock Hits Markets: Oil jumps on renewed Middle East risk and Strait of Hormuz disruption fears, helping push Japan’s corporate goods prices up 4.9% and lifting Japan inflation to a three-year high; European stocks fall hardest since March as oil-driven inflation worries return. US–China Summit Fallout: Trump leaves Beijing with no Iran breakthrough, but keeps saying Xi supports reopening Hormuz—while China stops short of confirming sanctions pressure; Taiwan remains the loudest unresolved flashpoint. Energy Security Moves in the Region: UAE pledges to store up to 30m barrels in India’s strategic reserve, and India resumes Iranian crude imports after years—both aimed at buffering supply volatility. Power & Storage Progress: Punjab’s PSPCL awards 500 MW/1,000 MWh BESS projects, while Coal India dissolves a solar manufacturing SPV but keeps scaling renewables and storage. Diplomacy Next Up: Putin heads to China May 19–20, adding another layer to the region’s fast-shifting energy and security alignments.