Morning Briefing: June 18, 2026

Here’s a rundown of all the news you need to start your Thursday, including the signing of a memorandum of understanding between the US and Iran aimed at ending their nearly four-month war and reopening the Strait of Hormuz, US President Donald Trump saying the United States has taken "a lot” of Iranian money and will have to give it back, and Turkish Foreign Minister Hakan Fidan’s visit to Russia.

TOP STORIES

• US-Iran memorandum of understanding formally finalized after presidents sign text

Iran said a 14-point memorandum of understanding (MOU) with the US aimed at ending the war had been formally finalized after the presidents of both countries signed the text of the agreement.

Iranian Foreign Ministry spokesman Esmail Baghaei said the “Islamabad memorandum” had become fully official after being signed by both Tehran and Washington, according to remarks carried by Iran’s semi-official Mehr News Agency.

US President Donald Trump told reporters in France that he signed the MOU in the Palace of Versailles during a dinner with French President Emmanuel Macron.

• Trump says US will have to give Iran's money back

President Donald Trump said the US has taken "a lot” of Iranian money and will have to give it back.

"We have taken a lot of their money, and we have their money," Trump said at a news conference in France as the G7 summit ended.

"It's not our money, it's their money, and we froze it at a certain point in time. I guess we're going to have to give it back. You know, if we didn't give it back, nobody would ever invest in the dollar again," he added.

• Türkiye's foreign minister received by Russian president

Turkish Foreign Minister Hakan Fidan was received by Russian President Vladimir Putin during a visit to Russia.

According to Turkish diplomatic sources, Putin received Fidan in the Russian city of Kazan.

In a statement on the US social media platform X, Fidan said he held numerous meetings in Moscow and Kazan to discuss bilateral relations and regional issues.

Regarding his meeting with Putin, Fidan said he conveyed messages from Turkish President Recep Tayyip Erdogan, adding: "We had the opportunity to hear his assessments on regional issues."​​​​​​​

NEWS IN BRIEF

• Pakistan's Prime Minister Shehbaz Sharif announced that a memorandum of understanding between the US and Iran on ending the war had been electronically signed, adding that an official signing ceremony will be held in Switzerland on Friday.
• US President Donald Trump said the deal announced with Iran this week is a "memorandum of understanding" and remains subject to change.
• US lawmakers voiced skepticism over a US-Iran memorandum of understanding aimed at ending the war, with senior Democrats on both the Senate and House sides demanding the Trump administration brief Congress about the details of the agreement.
• Leaders of the G7 nations pledged to increase military support for Ukraine, including additional air defense systems and long-range capabilities, while welcoming a US-Iran agreement they said offers an opportunity to prevent Tehran from acquiring a nuclear weapon.
• The United Nations has, for the third consecutive year, included the Israeli armed and security forces among parties that commit grave violations against children in armed conflict, according to a report.
• Activists from the Global Sumud Flotilla, who were detained and subjected to ill-treatment by Israel, staged a protest in Brussels to denounce relations between the EU and Israel.
• The Palestinian group Hamas said it had reached a “broad consensus” in its talks with mediators and representatives of the Board of Peace on the implementation of the second phase of Gaza’s ceasefire plan.
• The "Türkiye-Qatar-Pakistan axis is worrying" for Tel Aviv, an Israeli Cabinet minister said.
• Lebanese Justice Minister Adel Nassar rejected US President Donald Trump’s proposal that Israel should let Syria "take care of Hezbollah" in Lebanon.
• China backed Myanmar's “full, equal, and constructive participation” in international organizations as President Xi Jinping hosted Myanmar President Min Aung Hlaing in Beijing, according to a joint statement released by China's Foreign Ministry.
• The European Parliament reviewed the EU accession progress of five Western Balkan countries — Albania, Bosnia and Herzegovina, Kosovo, North Macedonia and Montenegro — adopting separate reports on each.
• The oldest-known plague outbreak occurred about 5,500 years ago among hunter-gatherers in Siberia's Lake Baikal region, according to a study published in the journal Nature.
• Türkiye’s national football team held its first training session in San Jose, California after arriving in the city ahead of its second match in the 2026 FIFA World Cup group stage against Paraguay.

BUSINESS & ECONOMY

• 9-year US court case against Türkiye's Halkbank ends after court approval

A US court has approved the dismissal of the case against Türkiye's Halkbank, bringing a nine-year legal process involving the state-owned lender to an end.

In a statement, Halkbank said the US District Court for the Southern District of New York had approved the joint request filed by the US Department of Justice’s Southern District of New York Attorney’s Office and Halkbank to dismiss the criminal case.

With the court's approval, the criminal proceedings that had continued for nine years were concluded.

• Fed holds policy rate steady, says inflation remains elevated amid energy shock

The US Federal Reserve kept its policy rate unchanged while removing language seen as pointing to future rate cuts as inflation pressures intensified due to energy supply shocks linked to the Iran war.

The Federal Open Market Committee (FOMC) decided by a unanimous 12-0 vote to maintain the target range for the federal funds rate between 3.5% and 3.75% in support of the Fed’s dual mandate.

The decision marked Kevin Warsh’s first FOMC meeting as Fed chair, with investors closely watching how he will handle persistent inflation, Middle East-related uncertainty and questions about the central bank’s forward guidance.