FROM THE EDITOR

Day 86. Sunday, and for the first time in a while the news actually moved. Trump says the deal’s ‘largely negotiated’ — the strait reopens, sanctions ease, a 30-day clock starts ticking on the nuclear talks nobody’s solved yet. Read the Iranian press, though, and you get a different paper: Hormuz stays under Tehran’s management, the whole thing ‘incomplete and inconsistent with reality.’ Two announcements, one event, and the gap between them is where the next month lives. I’ve learned to hold these moments loosely — Brent settled near $104, calmer than a memo that hasn’t been signed. Forty-two days of blockade and the first real exit ramp I’ve seen. Maybe it holds. I’ll be here either way, writing down which version turns out true.

— T.

The Run Down

IRAN

Trump Says The Iran Deal Is “Largely Negotiated”; Uranium And The Strait Stay The Hard Parts

President Trump posted Saturday that an agreement to end the war and reopen the Strait of Hormuz has been “largely negotiated,” with final details to be “announced shortly.” Tehran frames the memorandum as a first phase before broader talks and says the strait stays under Iranian management.

MARKETS

Dow Notches Another Record And The S&P Logs An Eighth Straight Weekly Gain As Oil Slides

The Dow rose 294 points Friday to a fresh high and the S&P 500 closed at 7,473.47, its longest weekly winning streak since 2023. Crude finished the week down more than 6% on deal hopes.

NUCLEAR

Reports Say Khamenei Ordered Iran’s Enriched Uranium To Stay Home; An Official Calls It “Propaganda”

Two senior Iranian sources said Mojtaba Khamenei directed the country’s roughly 900 pounds of 60%-enriched uranium to remain inside Iran — the core US demand at the table.

WASHINGTON

Senate Advances The Iran War-Powers Measure 50–47; House Punts To Early June

Four Republicans joined Democrats to move Tim Kaine’s resolution forward. GOP House leaders delayed the floor fight until the chamber returns from Memorial Day recess.

NORTHWEST

Washington Pumps Hold Near $5.78 As A Record 45 Million Americans Hit The Road

The state average trails only California’s $6.14, with the Hormuz disruption stacked atop the carbon program and gas tax.

SCOREBOARD

Royals Blank The Mariners 5–0 Behind Kolek’s Complete Game

Stephen Kolek went the distance and Carter Jensen drove in two as Kansas City snapped a four-game skid and evened the series.