Philippines–Japan Energy & Security Upgrade: President Ferdinand Marcos met Japan’s Fumio Kishida and later announced talks with PM Sanae Takaichi on GSOMIA, maritime border delimitation, and Abukuma-class destroyer transfer, while also elevating ties to a “Comprehensive Strategic Partnership” with energy resilience and renewables on the agenda. Middle East Shock to Asia’s Energy Flows: A heatwave plus Iran war-linked disruption is tightening coal and gas markets; in India, power demand is spiking and an oil tanker cleared the Strait of Hormuz en route to Vishakhapatnam. Shipping Rules Under Strain: Japan’s crude and naphtha imports have plunged as Hormuz disruption bites, with naphtha down 47% in April, raising plastics and chemical supply worries. Markets Watch: World stocks hit records as traders weigh a possible US-Iran ceasefire extension; oil slid on hopes of Strait reopening, but US sanctions on Iran’s military oil trade added risk. Japan Macro Signal: Tokyo inflation cooled, complicating Bank of Japan rate-hike timing. China Policy Push: PBOC reportedly urged state banks to boost lending as credit growth weakens. Clean Power Build-Outs: Guam’s new 198 MW Ukudu plant cuts fuel oil use and targets LNG-ready power; India’s NLC India outlined a shift toward renewables and BESS.