Iran Peace Framework, Tech Takes Off, and Investing in World Cup Infrastructure 6/15/26

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**Kelly Evans** (0:47)
You're listening to The Exchange. Here's today's show.
Boy George, has he been on CNBC before? Scott, thank you very much. We're looking forward to that. Welcome to The Exchange. I'm Kelly Evans. Take a look at the market action. Stocks are up sharply today on a diplomatic breakthrough with Iran. The Dow hitting a new record high, the S&P up almost 2 percent, the NASDAQ up almost three, and oil prices are below 80, a barrel for the first time since March. We're seeing gains across airlines, cruise lines, retail, restaurants, and hotels as a result. Marriott shares there were briefly at all-time highs. As we mentioned, oil prices dropping by 5 percent to their lowest level since early March. As the US and Iran sign a framework for a peace deal, President Trump now touching down in Geneva for the G7 Summit, where he's gathering with the leaders of Canada, France, Germany, Italy, Japan, and the UK.
That's where we find our Megan Kasella, who is live in Geneva with the very latest. Megan, as a signing approaches.

**Megan Costella** (1:50)
Yes, Kelly, we do expect a signing ceremony as soon as Friday, possibly here in Geneva. The president telling us just in the last hour that he probably will be gone by then, but his vice president, JD Vance, and some other top US officials should be here for that. Now, just in the last hour, we heard from President Trump for the first time on camera today, and we had some senior US officials briefing reporters on what exactly is in this deal. So a few highlights to bring you here. At its core, what the two sides have now signed as of Sunday, they signed it digitally, is they've signed a memorandum of understanding that extends the ceasefire for 60 days while launching a new round of intensive talks on Iran's nuclear program and on sanctions relief and the unfreezing of some Iranian funds. There's a big question, though, around that lifting of sanctions and what the timing might look like. Here's what the president said on that.

**SPEAKER_5** (2:38)
Mr. President, does the deal involve any sanctions relief for Iran? When would that go into effect? No, it doesn't.

**SPEAKER_6** (2:44)
Well, they have to.
It's really a behavioral thing. If they do what they're supposed to do, that starts taking effect.

**Megan Costella** (2:55)
Kelly, the other key part of this is that it should lead to the immediate, US officials say, reopening of the Strait of Hormuz. Although, of course, it will take a few weeks for traffic to increase back to regular levels. But crucially, some senior US officials did say that there's still some question out there about what the opening will look like after the end of this 60 days. A senior US official told reporters that there are some options that people in the region may like better, suggesting that something like tolls may be on the table. Not on the table for this 60-day deal, but maybe by the end of it. That's something that the White House says they will be entertaining. So much more to come on that. The final piece of this is that, as we are still all scraping together details, trying to figure out exactly what has been signed, officials now say that the Memorandum of Understanding will be released in full. We will be able to read the text ourselves. One official said 24 to 48 hours from now, President Trump said that won't be released till sometime after the Friday signing, but at least we will wait for it, we will get to see it, and we'll bring more details on it as we have it.

**Kelly Evans** (3:51)
Kelly, did you say, Megan, that the US was open to tolls being collected by Iran after 60 days?

**Megan Costella** (4:00)
This is a really key part of this. They're not right now saying that they're open to it, but let me read you again the exact language. This was a senior US official reiterating that there are no tolls or charges for the duration of this 60-day period, but officials do keep telling us today that during these 60 days, they have to figure out what exactly things will look like on the other side of this. So what one official said is that while there aren't any tolls now, quote, there are some other options people in the region may like better and will entertain those. So the White House not shutting the door entirely, not saying there will never be tolls. Granted, the president did say in a lot of his first pronouncements on True Social overnight that this would be a toll-free reopening, and that may well be where we land, but the fact that there are discussions now about other options, about what exactly the straight will look like at the end of this, that's really key and that's going to be a huge part of this. I should say that G7 leaders have also been welcoming this news today, saying that they want to be, Europe is ready to play a part in the reopening, but that they also want it to be toll-free, open to everyone, and they want to launch a discussion this week about pivoting away from the state of Hormuz to make sure that the global economy isn't caught in this situation in the future.