US-Iran Tensions: President Donald Trump abruptly called off planned US strikes and bombings against Iran, saying “final points” have been approved at the highest level of Iranian leadership and that a deal signing is “shortly” after talks involving the US, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan and Egypt; he also said the US naval blockade will stay in place until the agreement is finalized. Regional Fallout: The reversal comes after days of tit-for-tat attacks in the Gulf, with Iran warning the ceasefire is “meaningless” and declaring the Strait of Hormuz closed, while Iran-linked strikes targeted Kuwait and other GCC states. Energy Watch: Markets reacted fast—stocks jumped on the cancellation news while oil prices slid sharply, as traders weighed the risk of renewed escalation and threats to Iran’s oil export hub Kharg Island. Kuwait Business: KUFPEC is expected to see net profit fall in 2025 due to lower oil prices and oversupply, plus maintenance and project impacts. Kuwait Diplomacy/Security: Kuwait’s role is repeatedly cited among stakeholders in the US-Iran talks, while Kuwait’s airspace and airport operations were disrupted earlier amid the wider regional attacks. Local Sports: Kuwait hosted the Asian Men’s Club League Handball Championship, with matches continuing through June 17.