Tehran is set to reopen the Strait of Hormuz and the U.S. is expected to end its blockade of Iran’s ports after the two nations agreed to a peace deal. 

A formal signing will come Friday, President Trump and Pakistani negotiators said. If the strait does, in fact, reopen and ships resume transits, it could serve as a potent shot in the arm to the global economy, and Iran might be more likely to keep negotiating with the White House on other matters, the WSJ’s Damian Paletta writes.

Oil prices fell, but the speed with which the deal arrests a steep drop in oil stockpiles will determine the trajectory of energy prices in the coming weeks, the Journal’s Collin Eaton, Benoît Morenne and Michael R. Gordon write.

For more than 15 weeks, the U.S. and other countries around the world have had to dip into oil tanks, salt caverns and strategic reserves to make up for the millions of barrels of oil trapped behind the strait. Now, the stocks are nearing critical levels, and energy executives say without an influx of more oil, prices will have to surge to stop the run on supplies.

Medical-supply company Medline said it reassigned distribution of products and rerouted most order lines in its regional network after a fire Thursday destroyed a one million-square-foot warehouse in Tracy, Calif.

In a weekend update on its website, the Northfield, Ill.-based supplier of medical gloves, masks and surgical instruments said it had been working continuously to maintain service to healthcare providers in Northern California and beyond, boosting staffing and regional inventory. It was also increasing use of MedTrans trucks, third-party carriers and truck-relay operations to speed movement of products.

Heavy smoke was expected to linger in the area for the next few days, Fire Chief Randall Bradley said in an update on the South San Joaquin County Fire Authority’s Facebook page. Poorly functioning sprinklers and hydrants with poor water flow hindered firefighting efforts, the Associated Press reported. An excavation company was cleared early Sunday to start removing exterior walls to help firefighters reach and extinguish remaining hot spots, CBS News reported.

• Consumer sentiment improved in early June, rising in the University of Michigan’s monthly survey to 48.9 from 44.8 in May, as lower gasoline prices boosted Americans’ economic spirits. (WSJ)
• The U.K. economy contracted by 0.1% in April, marking its first decline since August, following a strong start to the year. (WSJ)
• JBS is preparing to close a beef-processing plant just outside Philadelphia, the latest facility to close as a cattle shortage in the U.S. squeezes meatpacking companies. (WSJ)
• Jeep maker Stellantis recalled a million Wranglers and Gladiators made between 2021 and 2025 because they might catch fire. (WSJ)
• Japan’s Ajinomoto, which makes a film crucial for AI chips, is moving to bulk up capacity, securing land for its next facilities amid surging demand. (WSJ)
• CMA CGM said it suspended its Columbus pendulum route between Asia and the U.S., though additional capacity would offset paused service. (Journal of Commerce)
• The Japanese government plans to study the possibility of mining rare earths and critical minerals in Greenland. (Nikkei Asia)
• Four Indian crew members were rescued after being stuck for months on a stranded cargo ship off the coast of Turkey following the arrest of the vessel’s owner in a drug sting. (The Maritime Executive)
• A new Transportation Department program called the American Supply Chain Sovereignty Initiative will launch a dashboard to link ports directly with ocean carriers, trucking companies, railroads and retailers. (SupplyChainBrain)
• Iron-ore shipments from U.S. Great Lakes Ports rose 8.4% year-over-year in May, while shipments of limestone from American quarries dropped 8.1%. (WorkBoat)

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long, Liz Young and Paul Berger.