Strait of Hormuz Relief, Oil Slide: Asia markets jumped as the US and Iran signaled an end to fighting and “toll-free” reopening of Hormuz, sending Brent down about 4% to the low-$80s; India’s stocks also tracked the risk-on move, while shipowners and traders urged caution over mine clearance and safe passage details. Shipping & Risk Watch: Japanese-linked vessels remain stranded and shippers want concrete information before rerouting, highlighting how quickly “energy peace” can still leave operational uncertainty. India Energy Costs in Focus: With Hormuz reopening, India’s crude and LNG supply outlook improves, but near-term volatility still matters for inflation, FX and fuel pricing. Japan-UK Economic Security: Japan and the UK issued a joint economic security declaration aimed at countering China’s rare-earth export curbs, with offshore wind and tech cooperation also on the agenda. Japan Nat Cat Risk: Japan’s general insurers stressed rising natural disaster losses and the need for stronger risk preparedness. APAC Corporate Angle: ExxonMobil is reportedly studying LNG acquisition targets including Woodside, underscoring how West Asia disruption keeps LNG strategy front and center.