US and Iran Sign Preliminary Agreement to End Conflict, Open Strait of Hormuz
President Trump and Iranian President Pezeshkian signed a memorandum of understanding aimed at ending the US-Iran war, opening the Strait of Hormuz, and beginning a 60-day negotiation period toward a final agreement.The United States and Iran signed a preliminary memorandum of understanding on Wednesday, with President Trump and Iranian President Masoud Pezeshkian both affixing their signatures alongside Pakistan's prime minister. The agreement is designed to halt the ongoing conflict, reopen the Strait of Hormuz to international shipping, and set a 60-day clock for negotiations toward a comprehensive final deal. Key terms include Iran diluting its stockpile of highly enriched uranium and the lifting of US-backed sanctions on Iranian oil exports. Vice President Vance, who is expected to travel to Switzerland to lead the next phase of negotiations, said the process starts immediately and that the US is not providing direct financial transfers to Iran — though oil sanctions relief takes effect right away. Trump separately warned that the US would resume military action if Iran does not abide by the terms. The deal has drawn bipartisan skepticism in Congress, with lawmakers on both sides questioning whether Iran emerges from the agreement in a stronger position than before the conflict began. Analysts note that while Iran's nuclear infrastructure sustained damage during the war, its government survived and, in some assessments, has gained political leverage. The agreement does not constitute a final peace treaty, and significant details remain subject to the ongoing negotiations.
Ukraine Launches Largest Drone Attack on Moscow, Striking Oil Refinery
Ukraine struck Moscow with nearly 200 drones — its largest-ever attack on the Russian capital — hitting an oil refinery in the city's south-east and temporarily shutting down Moscow's airports. Ukrainian President Zelenskyy said the strikes were a response to ongoing Russian attacks on Ukrainian cities.Ukraine launched a large-scale drone assault on Moscow early Thursday, with nearly 200 drones targeting the Russian capital in what multiple sources describe as the largest Ukrainian attack on Moscow since the war began more than four years ago. The primary target was an oil refinery in the south-east of the city, which caught fire and produced large plumes of black smoke visible across Moscow. A nearby shopping center also burned. Moscow residents reported what they described as black rain falling from the smoke-filled sky. All of Moscow's major airports were shut down for several hours as a precautionary measure, disrupting air travel across the region. Ukrainian President Volodymyr Zelenskyy described the strikes as a direct response to Russia's continued bombardment of Ukrainian cities, stating that if Ukraine burns, Moscow will burn. The attack signals a continued escalation in Ukraine's strategy of striking infrastructure deep inside Russian territory, demonstrating growing drone capability and range. The refinery that was hit is reported to be a significant supplier of fuel to the Moscow market, though the long-term impact on fuel supply is not yet clear. Russian authorities did not immediately provide a full accounting of casualties or damage.
Vance Sets 60-Day Timeline for Final US-Iran Peace Agreement
Vice President Vance announced the 60-day window for reaching a final US-Iran peace agreement has begun, said the US is not transferring funds to Iran, and told Israel it must respect the peace process.Vice President JD Vance outlined the next steps in the US-Iran peace process following Wednesday's signing of a memorandum of understanding, saying the 60-day period for negotiating a final comprehensive agreement begins immediately. Vance indicated he may travel to Switzerland for a formal signing ceremony, depending on Iranian scheduling. He stated the United States is not providing direct financial payments to Iran under the deal, though the agreement does lift sanctions on Iranian oil exports. Addressing questions about Israel's continued military operations in Lebanon, Vance said Israel has a right to defend itself but that civilian deaths are not acceptable and that Israel must respect the peace process. He also said that Iran will only receive the full economic benefits of the agreement if its leadership changes its behavior over time, while acknowledging that oil sanctions are lifted immediately upon signing. The vice president said he plans to personally lead the US negotiating team through the final-agreement phase.
US Defense Secretary Renews NATO Criticism and Signals Review of American Military Presence in Europe
Defense Secretary Hegseth reiterated criticism of NATO at a meeting of alliance defense ministers and said the United States would review the scale of its military presence in Europe, following a prior decision to reduce US commitments to a NATO high-readiness force.US Defense Secretary Pete Hegseth repeated pointed criticism of NATO at a gathering of alliance defense ministers, and announced that the United States would conduct a review of its military presence across Europe. The announcement follows a recent decision by the US to scale back its commitments to a NATO high-readiness force, a move that has raised concern among European allies about the long-term reliability of American security guarantees. Hegseth did not specify what changes the review might produce or what timeline is expected. The statements arrive at a sensitive moment, as European NATO members are already accelerating their own defense spending in response to uncertainty about US commitment to the alliance. The comments are consistent with a broader pattern of the current administration pressing NATO allies to take on greater responsibility for their own defense.
Finland's Parliament Votes to Lift Decades-Old Ban on Nuclear Weapons
Finland's parliament voted to remove a longstanding prohibition on nuclear weapons from the country's soil, a shift in defense policy the government described as aligning Finland more closely with NATO's deterrence posture.Finland's parliament approved legislation lifting a decades-old ban on nuclear weapons, marking a significant shift in the country's defense policy since joining NATO. Finnish officials framed the decision as necessary to bring the country's legal framework into alignment with NATO's collective deterrence doctrine, which relies on the possibility of deploying nuclear weapons across alliance territory. The move does not mean Finland will acquire nuclear weapons of its own, but removes the legal barrier to hosting allied nuclear assets or participating in NATO nuclear-sharing arrangements. Finland, which shares a lengthy border with Russia, joined NATO in 2023 following Russia's full-scale invasion of Ukraine. The vote reflects the broader transformation in Nordic and Baltic security posture that has taken place since that invasion.
Supreme Court Unanimously Rules Federal Gun Ban for Drug Users Is Unconstitutional as Applied
The Supreme Court ruled unanimously that a federal law prohibiting illegal drug users from possessing firearms cannot be broadly applied to all drug users, finding it violated the Second Amendment in the case of a Texas man who used marijuana while keeping a firearm for self-defense.The Supreme Court issued a unanimous ruling on Wednesday limiting the reach of a federal law that makes it a crime for anyone who uses illegal drugs to possess a firearm. The case centered on Ali Danial Hemani, a Texas man who acknowledged regularly using marijuana but who was not charged with any other crime and was not accused of using the weapon while under the influence. The court found that applying the law to Hemani's circumstances violated his Second Amendment right to bear arms and that the statute was unconstitutionally vague as applied. The ruling does not strike down the federal drug-user gun prohibition entirely, but it significantly constrains how broadly prosecutors can apply it. The decision is also notable because the law in question was the same one used in the federal prosecution of Hunter Biden, the son of former President Joe Biden, on gun charges. Legal analysts noted the ruling could affect pending and future cases involving gun possession by drug users who were not accused of any related violent conduct. The 9-0 outcome marks the court's latest decision expanding the scope of Second Amendment protections.
Trump Administration Redirected $352 Million in Secret Service Funds to White House Ballroom Project
The Trump administration redirected $352 million in federal funds originally designated for the Secret Service toward construction of a White House ballroom, despite earlier statements that the project would be privately financed.The Trump administration quietly shifted $352 million in federal funds away from the Secret Service and toward the president's White House ballroom construction project, according to reporting based on budget documents. The administration had previously stated that the ballroom would be financed through private donations, not taxpayer money. The source of the redirected funds was appropriations intended for the Secret Service, the agency responsible for protecting the president and other senior government officials. The reallocation was made without a public announcement. The project has been a point of ongoing controversy, and the use of federal security funds for a construction project at the president's residence raises questions about both the budget priorities and the earlier representations about private financing.
FISA Section 702 Renewal Stalled After Trump Intervention, Lawmakers Seek New Path
Congressional efforts to renew FISA Section 702, a key counterterrorism surveillance authority, have collapsed after a late intervention by President Trump derailed the Senate process, leaving legislators without a clear path forward.Renewal of FISA Section 702, the legal authority that allows the government to collect communications of foreign targets overseas and which has been a central tool in counterterrorism investigations, has been thrown into uncertainty after President Trump intervened at a late stage to block a Senate deal that had been in progress. Lawmakers say the process is effectively back to its starting point. The development comes days after the FBI announced it had thwarted an alleged plot targeting a UFC event, which supporters of the authority cited as evidence of its ongoing necessity. Section 702 requires periodic congressional reauthorization, and its lapse would constrain the intelligence community's ability to monitor foreign threats without going through individual court orders for each target. Critics of the program have raised concerns about its potential use to collect information on American citizens. No alternative legislative vehicle has been identified.
Federal Government to Pay $765 Million More to Cancel Four Additional Offshore Wind Projects
The Interior Department announced it will pay $765 million to cancel four more offshore wind projects, bringing the total spent on wind project cancellations to approximately $2.5 billion across three separate agreements.The Trump administration's Interior Department has reached another agreement to pay wind energy developers to abandon their offshore wind projects, this time paying $765 million to cancel four planned installations. It is the third such deal the department has struck, and brings the cumulative total paid to companies to walk away from offshore wind development to roughly $2.5 billion. The administration has pursued an aggressive rollback of offshore wind development since taking office, reflecting a broader policy shift away from renewable energy mandates. Critics of the payments argue the approach uses federal funds to dismantle projects that were already permitted and contracted, while supporters of the policy contend that offshore wind imposes costs on consumers and poses risks to fishing industries and coastal ecosystems. The payments come from federal appropriations, and no legislation specifically authorizing the cancellation payments has been publicly identified.
Federal Reserve Holds Interest Rates Steady at June Meeting
The Federal Reserve's Open Market Committee held interest rates unchanged following its June 16–17 meeting and released updated economic projections.The Federal Reserve announced after its June 16–17 meeting that it would leave its benchmark interest rate unchanged. The committee also released its quarterly summary of economic projections. The decision comes as new Fed Chair Kevin Warsh has signaled a preference for less forward guidance from the central bank, a shift that has led financial markets to revise their expectations. Futures markets have moved to price in at least one interest rate increase later this year, reflecting concern that the new leadership is more focused on inflation than on supporting growth. The Fed's posture is being closely watched by investors and businesses as uncertainty around trade policy and the economic effects of the US-Iran conflict continue to complicate the inflation outlook.
New Fed Chair Warsh Signals Shift Away from Policy Guidance, Markets Price in Rate Increase
New Federal Reserve Chair Kevin Warsh opted against providing forward policy guidance at his first meeting, leading markets to price in at least one interest rate increase this year and prompting analysts to warn of increased uncertainty for investors and borrowers.Kevin Warsh, who recently became Federal Reserve chair, departed from the central bank's recent practice of providing explicit guidance about the future path of interest rates at his first policy meeting. Warsh has indicated he wants the Fed to have a smaller footprint in financial markets and to communicate less, a significant change from the approach of recent predecessors. The immediate market reaction was to increase bets on higher borrowing costs: futures markets moved to price in at least one interest rate increase before the end of the year, a shift from earlier expectations that rates would hold steady or fall. Analysts at Morgan Stanley described the new chair as seeking a substantially different relationship between the Fed and the markets, one that reintroduces more uncertainty into the rate outlook. That uncertainty has direct implications for mortgage rates, business borrowing costs, and consumer credit. The Fed's new direction arrives at a moment when inflation remains elevated, partly due to oil market disruption from the US-Iran conflict, and partly due to ongoing tariff effects.
US Gas Prices Fall Below $4 for First Time Since March Following Iran Agreement
Average US gasoline prices dropped below $4 per gallon for the first time since March after Trump signed the preliminary agreement with Iran, though prices remain about 25 percent higher than one year ago.National average gasoline prices fell below $4 per gallon overnight following the signing of the US-Iran memorandum of understanding, which includes the reopening of the Strait of Hormuz and the lifting of US-backed sanctions on Iranian oil exports. It is the first time prices have dipped below that threshold since March. Despite the decline, prices at the pump remain approximately 25 percent higher than they were at the same point last year, reflecting the sustained impact of the conflict on global oil markets over recent months. The degree to which prices continue to fall will depend on how quickly Iranian oil returns to global markets and whether the preliminary agreement holds through the 60-day negotiation period ahead.
Trump Says Apple Will Purchase Computer Chips from Intel
President Trump announced that Apple will buy computer chips from Intel, a development that would be a significant commercial boost for Intel, in which the US government acquired a 10 percent stake last year.President Trump announced that Apple has agreed to purchase computer chips from Intel, though neither company has publicly confirmed or discussed the arrangement. If the deal proceeds as described, it would represent a substantial business win for Intel, a company that has struggled in recent years to remain competitive against rivals in chip manufacturing. The US government acquired a 10 percent stake in Intel last year as part of efforts to strengthen domestic semiconductor production under the CHIPS Act framework. The relationship between Apple and Intel had largely wound down in recent years after Apple shifted its Mac computers to chips designed in-house. A new supply agreement would mark a significant reversal. The announcement came from the president directly, without accompanying statements from either company.
Tropical Storm Arthur Makes Landfall Along Texas Gulf Coast, Bringing Flood Risk
Tropical Storm Arthur made landfall along the upper Texas coast Thursday after being downgraded from a cyclone, but forecasters warn it will still produce life-threatening flooding across the southern Gulf Coast region.Tropical Storm Arthur, the first named storm of the 2026 Atlantic hurricane season, made landfall along the upper Texas coast on Thursday after weakening from cyclone to a low-pressure system as it approached land. Despite the downgrade in storm classification, the National Hurricane Center maintained warnings of life-threatening flash flooding, significant property damage, and disruptions to travel and commerce across the Gulf Coast. The storm has already produced several inches of rain across affected areas, with additional precipitation expected. Residents in low-lying coastal areas were advised to follow guidance from local emergency management officials. The early arrival of a named storm in the Atlantic season is consistent with forecasters' predictions of an active 2026 hurricane season.
New York Knicks Celebrate NBA Championship with Ticker-Tape Parade in Manhattan
Thousands of fans lined lower Manhattan on Thursday for a ticker-tape parade celebrating the New York Knicks' NBA championship, the team's first title in decades.New York City held a ticker-tape parade Thursday for the Knicks, who won the NBA championship, ending a drought that had lasted for generations of fans. Crowds gathered along the parade route in lower Manhattan, with fans wearing team colors throughout the celebration. Knicks coach Mike Brown appeared at the event wearing a shirt referencing an internal team moment, while the organization and fans marked what many described as a long-awaited return to championship prominence for the city's basketball franchise.
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Colombian Military Kills Five Individuals Linked to Bus Bombing That Left 20 Dead
Colombian military forces killed five members of a militant group accused of carrying out a bus bombing in the Cauca region that killed 20 civilians and injured 45 others.Colombian military forces conducted an operation resulting in the deaths of five individuals accused of involvement in a bus bombing in the Cauca region that killed 20 civilians and wounded 45 others. The group responsible has been identified as a militant organization active in the area. Colombia has faced a sustained insurgency from armed groups for more than a decade, with violence periodically targeting civilian transportation and infrastructure. The government has characterized the military action as part of its ongoing counterinsurgency operations.