ASX200 INDEX CLOSED DOWN 1.14%, AT 8573.10

A股黃金概念盤初下挫，曉程科技跌超7%，四川黃金、湖南黃金跌超4%，赤峯黃金、湖南白銀、盛達資源跟跌。

Gulf states are reconsidering major pipeline projects to bypass the Strait of Hormuz amid fears of prolonged Iranian disruption. Saudi Arabia is evaluating expanding its 7mn b/d East-West pipeline to Yanbu and boosting Red Sea export capacity, while the UAE may increase flows via Fujairah or revive a second route. New cross-border pipelines from Iraq could cost $15bn–$20bn, with simpler projects at least $5bn, but face security, political and terrain challenges. Officials say a regional “network” of routes may be the most resilient long-term solution, though near-term focus remains on expanding existing infrastructure as uncertainty over the strait persists.