Oil Markets: Oil slid below $100 a barrel as Trump said US-Iran talks are “progressing,” with hopes of reopening the Strait of Hormuz—though Iran says no deal is imminent and the blockade may not lift fast. Markets & FX: The move helped lift Asian stocks (Nikkei jumped) while the dollar eased and the Indian rupee jumped to a two-week high on cheaper crude. Energy Security: Shipping disruption remains the key swing factor—reports say some tankers and LNG vessels have started exiting the region, but full normalization could take months. Local Pain, Global Calm: Even as crude falls, households are still getting hit: UK energy bills are forecast to rise by £200+ from July, and India’s gas transition push is paired with subsidy pullbacks (Mahanagar Gas scrapped support schemes). Clean Power Deals: Battery momentum continues—Sun Drops Energia signed another Gujarat BESS deal (120 MW/240 MWh), and Ford Energy lined up up to 20 GWh of grid storage supply for US projects starting in 2028.