Israeli strikes kill 10 in Lebanon hours after ceasefire
... The U.S.-Iran understanding announced this week calls for an immediate, permanent end to military operations by the parties and their allies across multiple fronts, including Lebanon.
Israel, which was not part of those negotiations, has opposed provisions it says could constrain its campaign in Lebanon.
Trump claims Iran deal is ‘unconditional surrender,’ says his power has ‘no limits’: Axios
... Asked what he had learned from the war about the limits to his power, Trump said that “I haven’t learned that lesson yet. I know there are, but there are no limits.” ...
Nemesis is coming.
SoH tanker transits 1.4/day, SoH E 0.9/day
BAM tanker transits 17.0/day, BAM SE 7.1/day
Trump and Iran’s President Pezeshkian sign memorandum aimed to end war
... Sen. Bill Cassidy, a Louisiana Republican, in a post on X, called the deal “the worst foreign policy blunder in decades.”
Former President Ronald “Reagan is rolling over in his grave,” Cassidy wrote.
"Iran’s nuclear ambitions were not curbed, and they have learned that threatening the Strait of Hormuz works and will undoubtedly leverage it in the future,” Cassidy said.
“Now, Iran gets to build brand-new infrastructure under this deal. Before the war, the strait was open, Iran was being crushed by sanctions, and 13 service members were still alive. Now, 13 Americans are dead, families have paid billions at the pump, sanctions will be lifted, and the bombing has stopped. ..."
Ten articles on the front page right now at CNBC:
Warsh experiences worst ‘Fed day’ S&P 500 performance for a new chair since 1994
Chairman Warsh abstains from giving rate forecast as several members signal a hike in 2026
2-year Treasury yield rockets higher as many Fed officials signal possible hike this year
Chairman Warsh drastically alters Fed rate statement. Here’s what’s changed
Fed holds interest rates steady: Here’s what that means for your borrowing and savings rates
Fed holds rates steady, pares down statement to remove cutting bias
Fed meeting recap: Warsh announces task forces to overhaul major Federal Reserve operations
Jeffrey Gundlach says Fed’s Warsh is not going to be the ‘easy money’ chairman many hoped for
The market didn’t like what it heard from the Fed and its new leader Kevin Warsh
Five big takeaways from Kevin Warsh’s first meeting as Fed chairman
Three Iranian tankers exit U.S. blockade as shipowners eye Hormuz in ‘wary disbelief’
... The U.S. and Iran signed a Memorandum of Understanding on Monday to end the nearly four-month war, with a formal signing ceremony to take place on Friday in Geneva. The pact, whose details have not been disclosed, is expected to reopen the Strait of Hormuz and waive sanctions on Iran’s oil sales. ...
Update 12:10pm
Read the 14-point draft agreement between the US and Iran
... The 14-point memorandum of understanding has not yet been officially released but a copy of it was obtained by CNN from a US official.
... A White House spokesperson said the text did not reflect the actual memorandum.
... The US official told CNN that the text reflects the agreement signed digitally by President Donald Trump, Vice President JD Vance and Iranian parliamentary speaker Mohammad Bagher Ghalibaf on Sunday.
... Bloomberg earlier published a version of the draft. ...
Update 5:20pm
The CNN story above now contains the official agreement, as of 38 minutes ago.
SoH E: 0.7/day
BAM SE: 8.4/day
Article after laughable article is wasted in this country saying "Trump should" this and "Trump should" that, when all they are doing is trying to make a purse out of a sow's ear.
The number of these is legion because everyone can sense that when it comes to Trump, there is no there there. He is an empty vessel into which every Tom, Dick, and Harry pours his most fanciful thoughts and wishes in a futile attempt to steer the man in what each thinks is the right direction.
Israel meanwhile sends evacuation warnings ahead of strikes.
“Everyone everywhere fully appreciates that the standoff cannot go on for another 30-45 days without the political calculations changing,” the official said.
“The White House knows and understands the severity of the potential situation. … They are politically constricted from saying that publicly.” ...
... Both President Trump and Vice President Vance electronically signed a memorandum of understanding with Iran on Sunday, while Mohammad Bagher Qalibaf, speaker of the Iranian Parliament, signed for the Iranian side, senior U.S. officials said Monday. ...
Vice President Vance acknowledged that the preliminary U.S.-Iran memorandum is only "about a page and a half" and described it as a "very general document. ...what the MOU does is set up a framework ..."
Trump is a terrible judge of character. Ghalibaf is an IRGC fundamentalist.
SoH E: 0.7/day
BAM SE: 8.1/day
May Eugene's memory be a blessing.
... During his tenure, he traded quips with anchors ranging from Edwin Newman, Barbara Walters and Jane Pauley to Tom Brokaw, Bryant Gumbel, Katie Couric, Jane Pauley, Al Roker and Meredith Vieira.
Gumbel was not always a fan, once saying Shalit's reviews "are often late and his interviews aren't very good." The critique came in what was supposed to be a confidential memo to Marty Ryan, the show's executive producer at the time. ...
More.
Not to mention Jane Pauley.
Copper is up because high oil prices are bullish for all things electric.
The tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point
... Cushing is running out of oil because America has become the supplier of last resort for regions of the world that typically get their oil and fuel from the Middle East. Demand for US oil surged to a record high during the Iran war, and crude has flowed out of Cushing faster than America’s oil drillers can refill it.
But it’s not just a Cushing problem.
US diesel stocks recently hit their lowest level since 2003. Gas inventories have been falling, too – about 5% below where they were a year ago. Other US commercial crude storage facilities outside of Cushing are also getting drained fast – by 7.2 million barrels last week alone. ...
