Good morning. The U.S. will allow Iran to immediately begin selling oil and fuel under the deal to end the war, offering Tehran an early financial incentive to wind down the conflict, people familiar with the agreement said.

• Sanctions relief coming: The provision for waivers of sanctions on oil sales takes effect immediately upon signing the agreement this week and also covers necessary services including banking, transportation and insurance needed to facilitate the sales, the people said.
   
• More to come: A draft of the memorandum of understanding reviewed by The Wall Street Journal lays out the oil sales along with the promise after further negotiations down the road of extensive sanctions relief, release of frozen assets and billions of dollars in reconstruction funding.
   
• More still outstanding: A senior U.S. official said Tuesday that even though Iran would get upfront sanctions relief for oil sales, sustained relief would be tied to Iran’s performance on U.S. demands regarding issues like opening the strategic Strait of Hormuz and its nuclear program. Tehran still wouldn’t get immediate access to billions of dollars in frozen funds.
   
• What else it includes: The memorandum of understanding, which the administration says the U.S. and Iran signed electronically Sunday and will finalize this week, includes an extended pause in the fighting, including in Lebanon, lifts the U.S. and Iranian blockades in the strait and sets the stage for extended talks on Iran’s nuclear program.
   
• Opposition remains: Many lawmakers and political officials in the U.S. and Israel are opposed to giving Iran financial relief and easing the pressure of the American blockade before securing major concessions.

Also see: Trump Is Losing the Hawks Who Once Defended the Iran War

JPMorgan, Google records sought in probe into Epstein’s New Mexico ranch.

New Mexico investigators have sent letters to JPMorgan Chase, Google and more than two dozen companies ordering them to lock down records tied to Jeffrey Epstein and some of his associates, a sign of the widening criminal probe into his former Zorro Ranch.

What’s required? The letters, obtained by The Wall Street Journal through a public records request, compel companies to preserve records while the state’s Department of Justice pursues subpoenas after it reopened a probe earlier this year. The letters reach across companies that would have touched Epstein’s movements including banks, phone companies, airlines and tech giants.

U.S. hits Chinese mining group’s Serbia unit with import ban.

Risk Journal reports: The U.S. has barred imports of copper from a Serbian subsidiary of China’s Zijin Mining Group, saying evidence shows the company uses forced labor (free link).

U.S. Customs and Border Protection on Tuesday issued what is known as a withhold release order against copper and copper products made in Serbia by Serbia Zijin Copper, citing evidence showing the company uses forced labor.

• The interim peace agreement between the U.S. and Iran seems to be doing little to answer some of the thornier questions about the Strait of Hormuz, including how much longer it will take for products other than crude to start moving through again.
   
• The Commodity Futures Trading Commission said it is weighing cuts to federal rules for financial technology firms, Risk Journal reports (free link). 
   
• Talks between Anthropic and Trump administration officials continued Monday without a deal to resolve the security concerns that pushed the White House to restrict access to the artificial-intelligence company’s latest model, increasing urgency on both sides to find a resolution.
   
• European lawmakers on Tuesday approved their trade deal with the U.S., ahead of a deadline set by U.S. President Trump that would have seen tariffs on cars increase.
   
• Vermont became the third state since the start of last year to try to keep private equity out of the examining room, as physicians and lawmakers increasingly take a skeptical view of corporate investors in medicine.
   
• The European Union designated 34 individuals and 47 entities in a new Russia sanctions package adopted Monday, targeting the country’s military-industrial complex, shadow fleet, and disinformation networks (free link).
   
• The U.K. imposed 70 new sanctions targeting Russia’s shadow fleet, a military intelligence procurement network and illicit finance operations on Tuesday, timed to coincide with the opening of the G-7 summit in France where Ukraine tops the agenda (free link).

U.S. companies stop waiting for supply chains to return to normal.

U.S. companies are building more flexible logistics networks to adjust to global supply chain upheaval, including the war in Iran and trade negotiations.

U.S. businesses spent $2.4 trillion on logistics in 2025, a 1% decrease from 2024, with costs as a share of GDP falling to 7.8%. Logistics costs are rising this year, with trucking rates climbing and ocean container rates to the U.S. West Coast up nearly 48% in a month.

U.S. allies use G-7 to focus Trump’s attention back to Ukraine.

President Trump has spent the past four months focused on the war with Iran, but the Group of Seven summit has left him little choice but to turn his attention back to the conflict in Ukraine.

Macron’s push: French President Emmanuel Macron, the annual summit’s host this year, invited Ukrainian President Volodymyr Zelensky as a special guest to directly make his case to Trump. On Tuesday signs emerged that Zelensky’s message was getting through.

More support: German Chancellor Friedrich Merz, speaking alongside Zelensky, said the U.S. would join G-7 allies in providing Ukraine with more air-defense capabilities. Trump also indicated he would enforce existing U.S. sanctions on Russia by ending waivers that have allowed Moscow to continue selling oil.

• President Trump invoked a Cold War-era law in an effort to increase production of important munitions, according to a memo released Tuesday, a step that signals the U.S. is concerned about a potential shortfall in weapons after heavy usage in Iran.
   
• Roberta Metsola, president of the European Parliament, said the EU learned to be “the boring partner” with the U.S. amid new trade duties.
   
• Prices on U.S. energy imports rose at a slower rate last month as the global economy adjusted to the effects of the Iran conflict, but overall growth in import prices remained elevated, the Labor Department reported Tuesday.
   
• North Korea’s Foreign Ministry issued a stark warning to the U.S. and South Korea over a nearly $300 million arms sale, saying nuclear-armed Pyongyang would bolster efforts to deter what it described as an accelerating military buildup on the Korean Peninsula (free link).
   
• Dozens of America’s biggest hotel owners are pressuring Marriott International to share more of the wealth from its lucrative partnerships tied to the Marriott Bonvoy loyalty program.

• SpaceX said it would buy Cursor parent Anysphere for $60 billion, striking a massive deal for an autonomous coding agent that could help the company catch up with its AI rivals after its blockbuster IPO.
   
• Robinhood Markets said Tuesday it will slash 10% of its workforce, its first major layoff in three years, in a bid to keep the brokerage firm lean and “maximize its talent density.”
   
• A glimpse of the job interview of the future: virtual-reality headsets that immerse you in the day-to-day of the job you’re applying for; an interactive videogame that you win, or lose, on your ability to perform certain tasks; a virtual exam that tests your problem-solving prowess.
   
• A group of people made detailed plans to attack last Sunday’s UFC cage-fighting match on the White House lawn using drones and snipers, but the plot was uncovered when a concerned mother called the police, law enforcement officials said Tuesday.
   
• A fleet of lawyers for Indian billionaire Gautam Adani pressed the Justice Department last year to drop a 2024 fraud case against the founder and chairman of energy and logistics giant Adani Group. They got nowhere. Then, according to The Wall Street Journal, a powerful new player was said to have joined the Adani team: Boris Epshteyn, President Trump’s personal attorney.

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