The Iran conflict is spilling into shipping and air travel, which is bad for oil markets, Gulf states, and Ukraine's bargaining position.

• A second supertanker hit a naval mine in the Strait of Hormuz, and Iran now says any ship going dark will be treated as hostile.
• King Fahd International Airport in Dammam was struck, making airports a new front line in the fighting.
• Washington says Iran's oil exports have stopped cold, leaving the country with no cash coming in and its elites locked out of travel and foreign money.
• Trump announced an energy ceasefire between Russia and Ukraine, but Kyiv says no one there has heard of it, and strikes on Ukraine's power plants continued the same day.
• Ukraine's drone hits have knocked out much of Russia's ability to refine oil, so a pause on energy strikes would hand Moscow relief just as it is losing ground.

Outlook: Expect more attacks on ships and airports in the Gulf, and a fight in Washington over whether to cut weapons to Ukraine to force the energy truce.