Former Presidents Biden, Obama, George W. Bush and Clinton (as well as former Secretary of State Hilary Clinton) were among attendees of the Grand Opening Ceremony at the Obama Presidential Center in Chicago Thursday. Not invited: President Trump, Vanilla Ice.
•Our contributing pundits offer short takes on the US-Iran MOU in our Right and Left columns. Also do not miss Pundit-at-Large Stephen Macaulay’s detailed analysis/commentary in The Gray Area.
JUNETEENTH 2026
UPDATE: Ceasefire in Lebanon -- Israeli Defense Force spokesman Brigadier Gen. Effie Defrin confirms in a statement that Israel and Lebanon's Hezbollah are in a ceasefire (per BBC). "We are in a ceasefire," Defrin's statement says. "The IDF is prepared to continue fighting if called upon to do so."
Vance Grounded – Oil tankers have begun moving through the Strait of Hormuz, but potential fall-guy Vice President JD Vance has called off his Friday trip to Lucerne, Switzerland, to meet with Iran’s negotiators, The New York Times reports. Key issue for those talks during the 60-day ceasefire MOU signed by President Trump and Iranian President Masoud Pezeshkian is dismantling Iran’s nuclear capabilities, often stated as the reason the Trump administration with Israel started the war in late-February.
“If it works out, I’m taking the credit,” Trump said to reporters about the since-delayed negotiations in Switzerland (per NPR’s Morning Edition). “If not, I’m blaming you, JD. You’d better watch out.”
Or Trump could blame Prime Minister Benjamin Netanyahu, who said ahead of the signing that Israel would not withdraw from Lebanon, one of the key Iranian demands in negotiation of the MOU.
Friday Lebanon’s National News Agency reported at least 16 Lebanese were killed by Israeli strikes in southern Lebanon (per The Guardian), while Hezbollah reported it sees intense fighting there and Netanyahu said Israeli Defense Forces will stay “for as long as necessary.” A four-soldier IDF tank crew, including a battalion chief, was killed by Hezbollah in southern Lebanon, The Times of Israel reports.
Analysis by a Haaretz journalist called the MOU “an incredibly bad document” from an Israeli standpoint.
It might be an incredibly bad document from Vice President Vance’s point of view, as well.
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At Least the Strait is Open – Fuel prices continue to drop, with the national average for a gallon of unleaded regular at $3.973 Friday, the AAA reports. That’s 2.6 cents less than Thursday and just 99.8 cents higher than February 28. Diesel is down 3.4 cents to $5.095, up $1.28 from late February. – TL
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THURSDAY 6/18/26
Crux of the MOU – President Trump and Iran’s President Masoud Pezeshkian signed the peace deal, or memorandum of understanding, or 60-day ceasefire, Wednesday. Trump signed at the Palace of Versailles where he enjoyed an elegant state dinner with French President Emmanual Macron, after the G7 summit. Pezeshkian presumably signed in Tehran.
Israel is delegated to one of the US’ allies in the opening paragraph of the memorandum of understanding triggering a 60-day (“permanent”?) ceasefire between the US and Iran.
“The United States of America and the Islamic Republic of Iran and their allies in the current war by signing this MOU declare the immediate and permanent termination of military operations on all fronts, and undertake from now on not to initiate any war or any military operations against each other, and to refrain [from] the threat or use of force against each other and ensuring the territorial integrity and sovereignty of Lebanon. The final deal will confirm the permanent termination of the war on all fronts including Lebanon, and other provisions of this paragraph.” [Via The New York Times.]
That unnamed ally, formerly known as the co-sponsor of the 15-week war on Iran with the United States, might not be on-board, according to The Times of Israel, which scoops Thursday that “Israel is not backing down on keeping troops in southern Lebanon …” Officials close to Prime Minister Benjamin Netanyahu say Israel is holding “stubborn” talks with the US on the matter.
Is Netanyahu getting the US stuck in the sort of quagmire Trump promised to avoid?
6-7 … Paragraph six of the MOU develops “a definitive, mutually agreed plan with at least $USD 300 billion for the reconstruction and economic development” of Iran, to be finalized within 60 days, which sounds suspiciously like another attempt to develop luxury seaside resorts, as floated by the Trump administration in Israel’s war on Gaza last year, or the Jared Kushner/Ivanka Trump plan to develop an island off the coast of Albania.
Paragraph seven terminates “all types of sanctions against Iran, including the United Nations Security Council resolutions and IAEA [International Atomic Energy Agency] Board of Governors resolutions and unilateral US sanctions.” (Hat tip to Military Times.)
Nukes in 8 … “Iran reaffirms that it shall not pursue or develop nuclear weapons” and the US and Iran “have agreed to resolve disposition of stockpile enriched material pursuant to a mechanism that will be mutually agreed upon” in paragraph seven.
The MOU “sidesteps” the reasons the Trump administration went into Iran, The Wall Street Journal reports in its analysis, and “makes no demands on Tehran over its militias or huge arsenal of missiles.”
Trump 45’s vice president, Mike Pence, says the deal “smacked of appeasement,” the BBC reports.
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No Appeasement Here – The Federal Open Market Committee under new Federal Reserve Chairman Kevin Warsh voted to keep interest rates steady Wednesday, in the 3.5% to 3.75% range. Not what President Trump wanted from his hand-picked chairman, but perhaps what he was asking for with a jump in inflation to 4.2% thanks mostly to the war on Iran.
Unless that Consumer Price Index number comes down quickly, you can expect a likely rate hike or two in the second half of the year. Eight FOMC members anonymously project the Fed will hold that interest rate range, but nine see room for an increase while only one of the members sees room to cut, USA Today reports.
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Less Than $4 – With the signing of the US-Iran MOU/peace deal, the national average price of a gallon of unleaded regular has dropped to $3.999 Thursday, down 2.6 cents from Wednesday and up $1.024 from February 28. Diesel is down 3.3 cents to $5.129 per gallon, up $1.314 from late February. – Compiled and edited by Todd Lassa
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THURSDAY 6/18/26