Good news for markets and anyone wanting the war to end: the US and Iran have signed a peace deal, and the Trump administration is openly pushing back on Israel for the first time in memory.

• Trump and Iran's president signed a memorandum of understanding to end the fighting and reopen the Strait of Hormuz; oil prices fell and stocks rose.
• Trump personally signed it and is warning Israel to back off, especially in Lebanon, even hinting at withholding some weapons.
• The shift is pragmatic: there was no military way to control the Strait or topple Iran's government, and a drawn-out war risked tanking the global economy.
• JD Vance bluntly told Israel it can't "kill its way" out of every problem and shouldn't attack its only powerful ally — words almost no US politician says.
• Pro-Israel senators (funded heavily by AIPAC) and figures like Mark Levin and Ben Shapiro are furious, reportedly urging Israel to lie low until after the US midterms, then restart the war.

Outlook: The ceasefire is fragile — Israel's continued strikes in Lebanon are a red line for Iran, and hardliners on both sides could drag the US back in within weeks.