Gulf Security & Markets: Iran–US tensions flared again as Iranian strikes hit Kuwait and Bahrain and the US carried out “self-defence” actions near the Strait of Hormuz, pushing Brent above $98 and rattling global stocks. Ceasefire Watch: Israel and Lebanon agreed to implement a conditional ceasefire tied to Hezbollah’s halt and withdrawal from the South Litani area, while US–Iran talks reportedly faced friction over terms. Bahrain Response: Bahrain condemned the attacks, with reports also saying Bahrain intercepted Iranian missiles and drones and detained people over alleged Iran-linked ties. Bahrain Finance: Bahrain launched a benchmark 10-year USD bond with initial pricing thoughts around 7.5%, as the kingdom looks to shore up finances amid regional uncertainty. Banking Cooperation: CBB Governor Khalid Humaidan met UAE counterparts to deepen financial and banking coordination, including digital and stability initiatives. SME Policy: Bahrain broadened the MSME classification framework, with the Bahrain Chamber saying it will expand targeted support for the sector that makes up 93.4% of active commercial registrations. Air Connectivity: Gulf Air outlined a growth strategy through 2035, saying its network is fully restored and positioning the airline as a key driver for Bahrain’s tourism and investment. Trade Policy Shock: The US proposed new Section 301 tariffs on imports from Bangladesh and 59 other economies over forced-labour concerns, raising export-sector worries.