US-Iran Diplomacy: US VP JD Vance arrived in Switzerland to kick off the next phase of US-Iran talks on Tehran’s nuclear programme and the fragile interim ceasefire, with Pakistan and Qatar mediating; the agenda is already being stress-tested by renewed Lebanon fighting and Iran’s repeated claims that it has closed the Strait of Hormuz, which the US says remains open for shipping. Energy & Markets: The Hormuz dispute is keeping businesses wary of prolonged disruption into 2027, even as oil prices and investor sentiment briefly improved on hopes of a deal. Lebanon Ceasefire Under Strain: Israeli strikes killed at least 20 in Lebanon hours after a Hezbollah ceasefire took effect, raising the risk that Lebanon becomes the sticking point that derails the wider US-Iran understanding. Regional Finance Impact: Iraq is facing unprecedented fiscal strain as oil-linked shocks hit a budgetless system, while the wider region’s instability continues to ripple into trade, shipping and inflation. OFW Repatriation Funding: Philippines President Marcos ordered an extra P3bn for DMW repatriation and reintegration of OFWs displaced by Middle East conflict, with 10,446 already returned via humanitarian flights. Consumer Payments Watch (Saudi): Saudi POS spending stayed above $3.5bn in the week to June 13, with education and jewellery among the standout categories.