Summary
- Trump Hits Back, Seeks Narrative Control: “The war is going very well. As you know, we’re winning by a lot. Iran is making very big concessions.”
- Iran Declares MoU A US Defeat: Tehran says the Islamabad agreement proves Washington abandoned its pressure campaign.
- Hormuz Traffic Resumes under UN Auspices: About 72 ships carrying roughly 20 million barrels of oil transited the strait in the past 24 hours under a UN-backed framework.
- Brent Falls Below $75, Iran war low: Oil prices dropped to their lowest level since the Iran conflict began, erasing much of the war risk premium.
- Trump, Tehran still at Odds despite MoU Signing, Switzerland Summit with Vance: Trump claims Iran agreed to “NO TOLLS” or shipping fees in Hormuz, while Iranian officials continue disputing key US claims.
- Despite these Contradictions, Fragile Calm Persists: Qatar is urging direct US-Iran communication as questions remain over inspections, sanctions relief, and the long-term durability of the deal.
* * *
Trump Hits Back: Iran Forced to Make ‘Very Big Concessions’
President Trump claimed Wednesday that Iran was offering significant concessions, stated within hours after Iran’s lead negotiator, Parliament Speaker Ghalibaf told a Baku audience that Iran had secured ‘US defeat’…
“The war is going very well. As you know, we’re winning by a lot. Iran is making very big concessions,” Trump told reporters at the Capitol.
“We’ll see what happens — but it has been very, very, very powerful,” the US President added. Tehran has remained insistent it never agreed to allow nuclear inspector access, and that the Strait of Hormuz is opening on its terms.
Meanwhile, the latest on the Lebanon tenuous ceasefire and crisis:
🇺🇸🇮🇱🇱🇧The first day of the round of talks between Israel and Lebanon in Washington ended yesterday without any progress and in a certain sense there was even a retreat, according to two sources briefed on the negotiations
🇺🇸🇱🇧🇮🇱One of the sources said that in some parts of the…— Barak Ravid (@BarakRavid) June 24, 2026
Tehran Provokes Trump: Deal to End War a ‘Declaration of US Defeat’
The post-war narrative battle between Washington and Tehran intensified Wednesday after Iranian Parliament Speaker Mohammad Bagher Ghalibaf claimed the recently signed Islamabad Memorandum of Understanding (MoU) – and confirmed in Switzerland – amounted to nothing less than a US capitulation.
Speaking in Baku during a gathering of parliaments from member states of the Organization of Islamic Cooperation (OIC), Ghalibaf argued that the agreement validated Iran’s long-held position that negotiations only succeed when foreign powers abandon coercion and recognize the Islamic Republic’s rights.
“The Islamabad memorandum of understanding became a declaration of the US defeat,” Ghalibaf said.
The remarks underscore the widening disconnect between how Washington and Tehran are portraying the agreement. While the Trump administration has presented the MoU as evidence that its pressure campaign forced concessions from Iran, Iranian officials continue to frame the deal as proof that the United States ultimately backed away from attempts to dictate terms.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Wednesday that the Islamabad memorandum of understanding with Washington turned into “a declaration of US defeat.”
“The Islamabad memorandum of understanding became a declaration of the US defeat,” Ghalibaf said in Baku,… pic.twitter.com/HRUltq012R— Iran International English (@IranIntl_En) June 24, 2026
Ghalibaf further suggested that the agreement demonstrated dialogue can only produce results when the opposing side ceases efforts to impose its will and instead accepts Iran’s sovereign rights. Iran has lately stated that it asserted its red lines through ‘action’.
Energy Secretary: 72 Ships Have Exited Strait in Last Day
Several vessels have already navigated the Strait of Hormuz utilizing a fresh evacuation framework established by the United Nations’ shipping agency, an official confirmed on Wednesday. More via newswires:
US Energy Secretary Wright says roughly 72 ships have exited Strait of Hormuz in last 24 hours.
“Ships have already begun to pass under the plan,” stated a spokesperson for the UN’s International Maritime Organization (IMO), though they opted not to disclose specific details regarding the transiting vessels.
According to the latest LSEG ship-tracking data Wednesday, at least two dry bulk carriers and one cargo vessel successfully crossed the strait under the new program within a 12-hour window.
An additional analysis of ship movements by Reuters, utilizing data from LSEG and MarineTraffic, indicated that at least 35 other commercial vessels – primarily dry bulk, cargo, and container ships – are gearing up to make the passage.
Brent Falls To Pre-War Levels
Brent crude oil prices fell below $75 a barrel late yesterday, marking the first time the global benchmark has traded under that level since the outbreak of the Trump-initiated Iran conflict.
The drop in crude prices could provide relief for consumers and businesses by easing pressure on fuel costs and inflation, a desired Washington outcome of the MoU signing – for which Trump has come under severe criticism from hawks at home. Speaking of escalating, we have another early morning Trump Truth Social statement, openly contradicting the consistent stated position of Tehran leaders.
Another Bombshell Trump Post Contradicting Iran’s Public Stance
Since the Switzerland high level talks led by Vance, there’s been a series of issues where Tehran and Washington have issued clearly contradictory statements.
Trump says in the fresh statement that Iran informed the United States that there would be “NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND” imposed on vessels traveling through the strategic waterway.
Trump as is typical criticized media reports that had suggested Iran could seek payments from ships using the route, calling such coverage “Fake News.” He added that if the information provided by Iran proved inaccurate, ongoing negotiations between the two sides would end “immediately.”
The president also denied reports that the United States had provided funds directly to Iran or released Iranian assets without conditions. “No money has been given to Iran, or released from their money to them, by the U.S.,” he said.
However, Trump stated that Washington plans to make some Iranian funds available for agricultural purchases. According to the president, the money would be used to buy US farm products, including “Corn, Wheat, Soybeans, and more.” But Iranian leadership has vehemently rejected this narrative too.
“Food is desperately needed in Iran,” Trump said, adding that the purchases would be made “exclusively from the United States.”
Oil drops to Iran war lows on the Trump Truth social statement…
Qatar Pledges to Washington Will Hold a Firm Line on Hormuz
The Strait of Hormuz remains one of the world’s most important energy shipping routes, and any disruption or additional costs imposed on vessels passing through the channel could have significant implications for global trade and oil markets. It is officially ‘open’ in the wake of the MoU signing – but the next few days and weeks will be telling.
Meanwhile, some new developments on the Hormuz opening front, and Qatar LNG:
Qatar’s prime minister said establishing a hotline between the US and Iran is essential to prevent rogue actors impeding the reopening of the Strait of Hormuz, as he predicted that the Gulf state would resume normal liquefied natural gas production “within a few weeks”. –FT
Trump is also asserting that Iran will allow IEAE inspectors in, something the Islamic Republic is also vehemently rejecting.
Tyler Durden
Wed, 06/24/2026 – 13:45
