Energy & Shipping Risk: Escalation in the Middle East is again tightening global oil flows, with attacks around key chokepoints (Bab el-Mandeb and the Hormuz area) disrupting shipments and raising uncertainty over when markets will stabilize. TAPI Gas Momentum: Turkmenistan says the Serhetabat–Herat segment of the TAPI pipeline should be finished by end-2026, setting up gas deliveries to Afghanistan in 2027, with the wider project aimed at diversifying Turkmen exports toward Pakistan and India. Regional Trade & Markets: Russia has resumed diesel supplies to Kyrgyzstan and Tajikistan after a summer slump, but the rebound highlights how refinery disruptions can quickly ripple across Central Asian fuel markets. Turkmenistan–Uzbekistan Business Ties: Presidents Serdar Berdimuhamedov and Shavkat Mirziyoyev spoke by phone, focusing on expanding trade and economic cooperation, including the “Shavat–Dashoguz” joint trade zone and energy/transport projects. Industrial Output: Lebap Cement Plant expands capacity after commissioning a second phase, lifting total output to 2 million tons annually and enabling production of higher-grade S-600 cement. Exchange & Investment Signals: Turkmenistan and the EU discussed bilateral cooperation priorities ahead of the UN General Assembly in Ashgabat, while Turkmenistan’s exchange activity at SCRMET totaled over $9.9m in foreign-currency transactions.