Thursday, June 18, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Thurs., June 18…regular $3.99…diesel $5.12
‘Regular’ breaks $4.00 for the first time since March.
Wednesday evening in Versailles, President Trump signed the memorandum of understanding (MOU), while having dinner with French President Macron, signing it electronically, as Iranian President Masoud Pezeshkian also signed from his end.
As further details came out, U.S. officials say the agreement calls for Tehran to dilute its stockpile of highly enriched uranium and waive sanctions on the country, immediately allowing Iran to sell its oil freely in a major concession from Washington.
The agreement would open the Strait of Hormuz toll-free for two months and affirm a commitment to Lebanon’s territorial integrity in the face of Israel’s invasion against Hezbollah, according to officials from both countries.
It’s unclear if Iran’s agreement not to charge tolls for 60 days, as stated in the memo, will become permanent.
At the G-7 meeting, Trump said, “the Strait is going to be toll-free. And it’s toll-free beyond the 60 days.” But at the press conference later, when pressed on the topic, he acknowledged the extension wasn’t specified in the agreement.
Meanwhile, Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, said in an interview that aired on state TV that the Strait of Hormuz “will not return to pre-war conditions.”
President Trump on Truth Social, Thurs., 4:32 AM:
“These fools, who think I haven’t been tough enough on Iran, when the Stocks Market Just HIT A RECORD HIGH, and Oil prices are ‘tumbling’ down, are either jealous, bad people, or stupid. MAKE AMERICA GREAT AGAIN!!!”
For now, the agreement starts a 60-day negotiating clock to reach a final deal on the future of Iran’s nuclear program.
Iran has gained major concessions, and the lifting of sanction and the release of frozen assets – that would happen gradually and be linked to progress in the nuclear talks, according to Pakistani officials.
But it also provides Iran with at least $300 billion to rebuild, though we’re told this is also dependent on the progress of further negotiations.
Crude oil dropped below $74 this morning, rather extraordinary, before rallying back above $76. Today, in the White House briefing room, Vice President J.D. Vance told reporters that more than 12.5 million barrels went through the Strait Wednesday night.
And in an extraordinary rebuke, he warned U.S. critics in Israel against “attacking the only powerful ally” it has left. He lashed out at members of the Israeli government, warning them that “Donald J. Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time.”
We then heard from Iran’s Supreme Leader Mojtaba Khamenei for the first time on the negotiations:
“As you have been informed, a memorandum of understanding was signed between the presidents of Iran and the United States of America.
“In the course of reaching this stage, the officials in charge, out of sincere concern and goodwill, made extensive efforts – and of course, it was the American president who, out of desperation, used all kinds of leverage to bring this about.
“I, as a matter of principle, held a different view; however, out of the commitment that the esteemed [Iranian] president – as the head of the Supreme National Security Council – gave to me on his own behalf and on behalf of the other members regarding the safeguarding of the rights of the Iranian nation and the Resistance Front, and his explicit acceptance of that responsibility, I granted my permission.
“He [Pezeshkian] also explicitly stated that if the American side seeks to make excessive demands, they will not submit to them. From this moment on, we – that is, you, the proud nation, and this humble servant – will await the realization of the aforementioned conditions.
“However, it’s self-evident that the in-person negotiations in the future will not mean acceptance of the enemy’s positions. We hope the blessed prayers of our Master (may God hasten his noble reappearance) will bring all kinds of victories & triumphs to honorable Iranian nation.”
Sure doesn’t sound like regime change, noted your editor.
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Dow Jones +72…+0.1% [51564]
S&P 500 +80…+1.1% [7500]
Nasdaq +496…+1.9% [26517]
Oil (WTI) $76.75…Brent $79.50
Gold $4215
Silver $65.80
Bitcoin $62,880 [4:00 PM ET]
U.S. 2-yr. 4.18%
U.S. 10-yr. 4.45%
Japanese 10-yr. 2.59%
Market is closed tomorrow, Friday, but check out my ‘Week in Review,’ posted each Friday at 4:30 PM ET.
Brian Trumbore
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