Axios

The U.S., Israel and Iran agree that a ceasefire is now in effect, but they're contradicting each other and themselves in terms of what's actually been agreed to and what happens now.

Why it matters: Those differences will have to be reconciled at the negotiating table, beginning on Saturday in Islamabad. One thing everyone agrees on is that there is no guarantee this war is actually over.

Untangling the largest disruption in oil market history won't happen quickly or easily — and that means continued high prices and scarcity in major importing countries.

Why it matters: A big thing to watch following the U.S.-Iran ceasefire deal is whether it gives tanker owners enough certainty to begin resumption of large-scale traffic of oil, petroleum products and other commodities through the Strait of Hormuz.

The architects of MAGA's media empire are in open revolt against President Trump, disgusted by his threat to destroy Iran's "whole civilization."

Why it matters: Trump's political strength has always depended less on party institutions than on a decentralized media ecosystem — podcasters, streamers and activists who translate his message to millions of loyal voters.