📊 Deal Fallout, Education Department, and Postwar Economics

Strained alliance, systematic dismantling, and higher price staying power.

Jun 17, 2026

Greetings! Happy Islamic New Year to those celebrating.

Let’s get into today’s top stories.

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🌎 GLOBAL NEWS

🇮🇷 Trump turns on Netanyahu. President Trump is testing one of his closest foreign alliances. He is publicly criticizing Israeli Prime Minister Benjamin Netanyahu while trying to finalize a deal with Iran. Netanyahu had once called Trump the greatest friend Israel ever had in the White House. Trump is now using language few American leaders have used against him in public. He called Netanyahu “crazy”. He also claimed that without the United States there would be no Israel. Trump said he was unhappy with how Israel handled Lebanon and Hezbollah. The criticism follows Israeli attacks in Lebanon that threatened Washington’s negotiations with Tehran. Trump wants the Iran war over. The conflict has grown unpopular at home. It has also driven up gasoline prices. Aaron David Miller, a former Middle East adviser, said Trump is willing to use leverage if Netanyahu blocks the war exit he wants. Netanyahu has frustrated four American presidents. None voiced the rupture this openly. Trump’s supporters in pro-Israel circles are divided over the criticism. The friendship has not ended, but it is no longer cost-free.

🇺🇦 G7 returns to Ukraine. President Trump signaled that Russian oil sanctions may return quickly. The shift came as the Group of Seven (G7) summit refocused on Ukraine. Leaders gathered Tuesday in Evian-les-Bains, France. They discussed Russia’s war and Trump’s tentative Iran deal. Trump said he would meet Ukrainian President Volodymyr Zelenskyy for more talks on ending the war. He said the United States could act soon because oil is flowing again. The United States temporarily eased some sanctions on Russian oil shipments in March. That happened after crude prices sharply increased. The waiver has been extended. Zelenskyy said Ukraine is serious about peace while Russia toys with world leaders. He said the entire G7 supported Ukraine unanimously. Leaders discussed Ukraine’s need for more Patriot missiles. They also discussed increasing production through licensing. Britain announced new sanctions targeting Russia’s shadow fleet. Those ships help Moscow move oil and gas around Western restrictions. Russia had fired hundreds of drones and dozens of missiles before the summit. Eleven people were killed. Ukraine returned to the agenda because war does not wait politely behind energy diplomacy.

🇺🇸 LOCAL NEWS

🏫 Education dismantling accelerates. President Trump’s administration is moving major Education Department functions elsewhere. The Department of Justice will take over enforcement of civil rights in education. The Department of Health and Human Services will oversee special education. Administration officials announced the changes Tuesday. The move carves away much of the department’s work protecting at-risk students. Education Secretary Linda McMahon said the agreements align federal responsibilities with better-positioned agencies. McMahon is a former CEO of World Wrestling Entertainment. Trump campaigned on shutting down the Education Department. Only Congress can formally close it. The Office of Special Education and Rehabilitative Services defends children with disabilities. The Office for Civil Rights investigates discrimination based on race, sex, and religion. Advocates warned that families and schools could face communication gaps. The special education office manages billions of dollars in grants. It also oversees state compliance with the Individuals with Disabilities Education Act. Disability advocates said school-services oversight belongs with education experts, not medical agencies. Many families told McMahon they opposed moving special education oversight. The dismantling is now moving from slogan to plumbing.

🧾 Iran deal meets Congress. President Trump’s Iran deal is meeting skepticism on Capitol Hill. Republicans said Monday they need more information. Some asked the White House for details before backing the agreement. Vice President JD Vance said the text would be released this week. He said Iran would not get money unless it performed its obligations. The White House is trying to sell the deal as a hard-nosed exit from war. Congress is asking what has actually been promised. Senator Lindsey Graham, a South Carolina Republican and longtime Iran hawk, said he is pulling for a deal. He still wants Congress to review and vote on it. Graham said he wants to see the memorandum agreed to by the two countries. He also called Vance the architect of the deal. Vance warned lawmakers not to believe Iranian hard-liner propaganda. He said the agreement had transformed direct communication with Iranian officials. Most Senate Republicans said they want review rights. It remains unclear whether they will get a vote. A peace deal can quiet missiles before it quiets senators.

🗂️ MISC

💰 Inflation will linger. Oil prices are easing after the tentative United States-Iran deal. That does not mean household prices will fall quickly. The deal would extend the ceasefire and reopen the Strait of Hormuz. Some Americans hope cheaper crude will lower gas prices. Economists warn the relief will be uneven and slow. Fuel surcharges on some non-American airlines may be one of the first areas to soften. Grocery prices will probably keep feeling pressure. David Ortega, a Michigan State University food economist, said reopening the strait will not bring instant relief at the store. Fuel accounts for roughly 15% to 30% of total food cost, according to the Independent Grocers Alliance. Energy shocks can take months to move through food supply chains. Once prices rise, they often take longer to retreat. American grocery prices are expected to rise 3.2% this year. The historical average is 2.6%. Roughly 30% of the world’s fertilizer once moved through the Strait of Hormuz. Fertilizer and diesel prices remain high for farmers. The Iran war may end before the receipt changes.

📉 Oil falls as tech drags. Oil dropped below $80 per barrel Tuesday. That was its first move below that level since early March. American stocks drifted near all-time highs in mixed trading. The Standard & Poor’s 500 Index (S&P 500) slipped 0.6%. It remained 1.3% below its record earlier this month. The Dow Jones Industrial Average gained 328 points. That was a 0.6% rise. The Dow set a record for the second straight day. The Nasdaq Composite fell 1.2%. Artificial intelligence (AI) stocks weighed heavily on the market. Nvidia ($NVDA) fell 2.4%. Broadcom ($AVGO) dropped 4.4%. Micron Technology ($MU) slid 6.2%. Those stocks had powered the market’s rally and its recent swings. Dave & Buster’s ($PLAY) sank 6.2% after weaker profit than analysts expected. Robinhood Markets ($HOOD) fell 1.4% after saying it would lay off about 10% of full-time employees. SpaceX ($SPCX) rose 4.8% for a third straight gain. Yum Brands ($YUM) climbed 1.9% after saying Pizza Hut would be sold for $2.7B. Wall Street found cheaper oil, then remembered how heavy tech has become.