Tyler Kendall reports from the G7 summit that the US-Iran MOU is the central focus. Allies are frustrated by lack of text visibility. Key details include a $300 billion fund for Iran and the US insistence that the Strait of Hormuz remain toll-free. The president is signaling a shift in focus to Russia-Ukraine.

Evelyn Farkas views the Iran MOU as a potential win but notes the devil is in the details. She is skeptical a full nuclear deal can be reached in 60 days. She analyzes Netanyahu's incentives to prolong the war and Trump's potential leverage. On Ukraine, she believes Ukraine holds its own destiny and Russia is weaker than ever, but doubts Trump fully understands Russia is losing.

Bob McNally expects the Strait of Hormuz to be safe for transit by end of month. While the deal is good news, it will take months for meaningful oil volumes to return. Meanwhile, global inventories are at multi-year lows and will be drawn down further. Pent-up demand from Asia and strategic reserve refilling could outpace supply, leading to another price spike, potentially pushing Brent above $100 in July/August.

Rick Davis analyzes the G7 optics, noting the president has a card to play now with the Iran deal. He discusses Lindsey Graham's statement on the deal, interpreting it as an attempt to restore congressional power and a signal of the 2028 presidential race, with JD Vance being positioned as the architect. He expects multiple extensions to the 60-day negotiating period.