US-Iran Ceasefire & Hormuz Reopening: A US-Iran framework deal to extend the ceasefire and reopen the Strait of Hormuz is drawing global relief, with Trump calling it a major breakthrough while officials say the MoU will be formally signed in Geneva on Friday and shipping should move “toll-free” once mines and restrictions are cleared. Energy Shock & Inflation Fallout: Oil prices slid sharply and markets jumped on hopes of restored flows, but analysts and the IMF warn recovery for energy, shipping, and supply chains will take weeks to months, keeping inflation risks alive. Regional Friction—Lebanon Still Hot: Even with the US-Iran track moving, Israel’s stance in Lebanon remains a key stumbling block, and Netanyahu says Israeli forces will stay in Gaza, Lebanon and Syria “as long as necessary.” G7 Backdrop: World leaders opened the G7 in Evian amid protests and debt worries, with the World Bank linking the Middle East war to the slowest global growth since the pandemic. Local Impact—Egypt Welcomes Peace: Egypt’s foreign ministry called the deal a “turning point” for regional peace, while Bahrain backed the diplomatic push and urged durable compliance. Domestic Policy—India Inflation Watch: Separate from the diplomacy, India launched a new WPI series with FY22-23 base year as wholesale inflation hit 9.68% in May.