One theme ran through the day: the Gulf war spread from military targets to the civilian grid, and our analysis traced why security now prices everything.

Gulf war reaches infrastructure

  • Overnight US strikes on Iran hit bridges, an airport and a railway station, Iranian media reported — an escalation more than a week into renewed fighting around the Strait of Hormuz. more
  • Kuwait says an Iranian attack damaged an electrical and desalination plant, extending the conflict to civilian utilities. more
  • Cathay Cargo postponed its Riyadh freighter services over the hostilities, pushing the disruption into Gulf supply chains; the White House says diplomacy stays open. more

The bigger picture: who sets the price

  • Shipping through the Strait of Hormuz fell as vessels came under attack, and a separate pirate raid struck off Yemen. more
  • Saab beat expectations, and its chief executive urged governments to rethink how they buy weapons. more
  • Ukraine's tech-minded defence minister Mykhailo Fedorov was pushed out after clashing with the army's old guard — three stories our analysis reads as one security premium, with states writing the terms. more

What to watch: whether attacks on power, water and freight can be contained or mark a wider phase — and whether states can take on that pricing role without smothering the speed that made them want it.