Amidst ongoing regional conflict, Iran's Foreign Minister declared the country's readiness to counter the "world's most expensive military" on Friday. The US Treasury imposed sanctions on two major cryptocurrency exchanges to dismantle illegal financial networks funding Iran's Islamic Revolutionary Guard Corps. In response to a newly signed defense agreement between Saudi Arabia, Turkey, and Pakistan, an Iranian lawmaker criticized Riyadh for relying on military alliances instead of rethinking its regional policies. Oil prices edged lower as hopes of a temporary agreement to reopen the Strait of Hormuz emerged, but analysts warned that tensions remain high and the Iran-US standoff is far from over. The Makkah Joint Defence Agreement, signed by Saudi Arabia, Turkey, and Pakistan in Mecca on Friday, aims to strengthen collective deterrence and regional security amid rising instability. This defensive pact, which commits the three countries to mutual support only in matters of defense, is not directed against any specific country and remains open to other regional states. Meanwhile, Yemen's military downed several drones launched by Iran-backed Houthis above Marib. Maritime traffic through the Strait of Hormuz has decreased this week compared to the previous period as talks between Iran and Oman for reopening the key waterway continue.