US-Iran Brinkmanship: After days of tit-for-tat strikes, fighting appeared to pause as mediators push both sides back toward dialogue, even while Washington and Tehran trade accusations over attacks and the Strait of Hormuz. Retaliation Warning: Iran’s top security chief Mohammad Bagher Zolghadr said any strike on Iranian infrastructure will be met with reciprocal action, adding Israel “will not be spared.” MOU Under Strain: Iran’s foreign minister Abbas Araghchi warned that final-deal talks won’t start if US threats continue, citing the MoU’s ban on threat or force during technical negotiations. Mediators in Motion: Qatar negotiators are in Iran to de-escalate and set conditions for broader talks, with other regional players also working the phones. Assassination Plot Claims: Israel warned the US about a new, specific Iranian plan to assassinate President Trump, as tensions rise and markets stay jumpy. Energy Shock Watch: Oil and shipping remain volatile; tanker traffic through Hormuz has slowed sharply, and the IEA warns renewed escalation could derail energy recovery. Domestic Signal from Tehran: IRGC commander Ahmad Vahidi vowed revenge over the killing of Supreme Leader Ali Khamenei, as Iran completes a massive mourning and burial in Mashhad.