US & Iran Trade Deal Drafts; Oil Rises From Six-Week Low

Today's top stories, with context, in just 15 minutes. On today's podcast:1) The US and Iran traded messages over the weekend seeking changes to a draft agreement that would extend a ceasefire and open the Strait of Hormuz, but it was unclear whether the sides were making much progress. As the diplomatic exchanges continued, Israel expanded its ground assault in Lebanon, shattering a brittle truce with its northern neighbor. President Trump said his proposed deal states clearly “that Iran will not have a Nuclear Weapon,” according to a post on Truth Social. Trump hadn’t spoken on the subject of Iran since a White House Situation Room meeting Friday in which he said he expected to announce an agreement. In a social media post earlier that day, he reiterated his demands, including that Iran suspend its nuclear program and fully restore the strait to its earlier status as a free, international waterway. The semi-official Tasnim news agency, which has close ties to the Islamic Revolutionary Guard Corps, said Sunday that both sides continued to propose amendments, but noted that the US and Iran could ultimately reject the changes, causing the deal to collapse.2) Oil rose from a six-week low amid uncertainty over the outlook for a peace deal to end the war in Iran. Brent advanced to around $93 a barrel after closing at its lowest since mid-April on Friday, while West Texas Intermediate rose to near $90. The US and Iran traded messages over the weekend seeking changes to a draft agreement that would extend a ceasefire and open the Strait of Hormuz, but it was unclear if the sides were making much progress. The standoff follows a bout of optimism that some form of peace agreement would be reached — and that energy flows would resume through the Strait of Hormuz — that had caused the first monthly drop in crude prices this year. Brent is still up more than a quarter since the war started at the end of February, as the near-total closure of the vital waterway causes unprecedented turmoil in oil markets.3) Nvidia is entering the personal computer market with a new chip aimed at loosening Intel’s long-standing stranglehold on the sector and modernizing machines for the artificial intelligence era. Starting this fall, the new RTX Spark Superchip will debut in premium laptop and desktop computers from leading brands, including Dell and Lenovo, Chief Executive Officer Jensen Huang announced during a keynote speech at the Computex trade show in Taiwan. Huang also announced that next-generation Vera central processing units will enter full production in the third quarter of this year, marking the company's first standalone data center microprocessor.See omnystudio.com/listener for privacy information.