Middle East Risk-Off: Israel and Iran traded retaliatory strikes again, with Israel hitting targets in western/central Iran (including the Karun petrochemical complex in Mahshahr) after Iranian missile waves; sirens sounded across Israel and the West Bank as the April ceasefire teetered, while Trump urged Netanyahu to hold fire but said “I call the shots,” raising the odds of a wider regional pullback failure. Red Sea Shipping Shock: Yemen’s Houthis declared a “complete and total ban” on Israeli maritime navigation and warned of attacks on Israeli-affiliated ships, adding pressure to already strained trade routes. Markets & FX: The flare-up rattled global equities and lifted oil; Bitcoin slipped under $63K on geopolitical stress, while the shekel and regional currencies moved with the risk mood. Security & Espionage: Israel Police and Shin Bet arrested a Bat Yam man accused of working with Iranian intelligence, with an indictment expected. Business Impact Watch: Old Mutual’s OM Bank update showed customer growth in South Africa, but flagged that costs tied to the Israel-Iran conflict could weigh on earnings and insurance margins. Policy Signals: Bank of England policymaker Alan Taylor said rates can stay restrictive without hikes unless the “worst-case scenario” hits, as inflation pressures tied to the Iran war linger.