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U.S. Eases Iran Oil Sanctions Under Ceasefire Deal

The United States has agreed to lift sanctions on Iranian oil sales as part of the deal signed this week to enter into a ceasefire agreement, giving Tehran an early financial foothold even as Washington ties longer-term relief to Iran’s compliance with key demands.

Sanctions waivers are said to take effect upon signing, however it is unclear if that signing refers to the digital signing conducted at the start of the week, or the formal signing set for Friday.

In either case, the waivers are said to include the global networks that are utilized to conduct the transactions.

You can read more on the matter here.

What’s going on?

• Carney’s Hot Mic Moment With Trump: Is He Pitching Chinese EV? (theDeepDive)

• Liberal government tables First Nations clean drinking water legislation (CBC)

• Admiral Grigorovich Fires Warning Shots at Yacht Near Isle of Wight (theDeepDive)

• Fed Chair Warsh expected to withhold ‘dot’ from central bank’s interest rate outlook (CNBC)

• Why Canada’s Grocery Code Is Starting With Silence (theDeepDive)

• Economists bet on higher rates as Kevin Warsh takes reins at the Fed (FT)

• Canada Hits Russia with New Sanctions Targeting Shadow Fleet and Energy (theDeepDive)

• The Trump-Iran Deal Allows Tehran to Immediately Sell Oil (WSJ)

• Even Most Albertan’s Don’t Like Pierre Poilievre As Favorability Gap Grows In The Prairies (theDeepDive)

What’s the latest?

• AI: Prediction markets are betting that Anthropic’s Fable 5 shutdown will be temporary. After the U.S. government ordered Anthropic to suspend Fable 5 and Mythos 5 access over national security concerns, the company disabled the models for all users. Despite this, traders on Kalshi assign a 58% chance that Fable 5 returns before July 1 and a 74% chance before July 10, while Polymarket puts the odds at 67% by July 1. The optimism stems from Anthropic’s recent discussions with the Trump administration and the belief that the dispute is more likely to end with revised restrictions or guardrails rather than a long-term ban.

• Real Estate: Canadian home sales totaled 47,014 in May, down 5.1% YoY, but rose 5.5% MoM, marking the first meaningful monthly rebound of 2026. The national average home price reached $702,079, up 1.5% YoY and above $700,000 for the first time in 23 months. CREA's benchmark home price index was down 4.1% YoY, its smallest decline this year, while active listings remained near 200,000 properties nationwide.

• Pizza Hut: Pizza Hut is being sold for US$2.7 billion, with LongRange Capital acquiring the global business (excluding China) for US$1.5 billion and Yum China Holdings acquiring the China business for US$1.2 billion. Pizza Hut's sales fell 2% in 2025 while parent company Yum Brands grew sales 5%. The chain operates nearly 20,000 locations worldwide, but U.S. sales declined 8.2% last year, prompting Yum to exit the business.

• Trade War: Canada and the U.S. continue discussing the future of CUSMA ahead of the July 1 review deadline, but Washington has not committed to a 16-year extension. Trade Minister Dominic LeBlanc said progress was made on U.S. trade concerns, while the U.S. has indicated negotiations may continue beyond July 1. Most Canadian exports remain protected under CUSMA, but Canada still faces separate U.S. tariffs on sectors including steel, aluminum, autos, and cabinetry.

• Markets: Oil prices fell sharply on hopes of a U.S.-Iran agreement, with Brent crude dropping 5.4% to US$78.66/barrel, its lowest level since March. U.S. stocks were mixed as AI-related names weakened, with Nvidia down 1.7% and Micron Technology down 3.5%, while SpaceX rose 12.8%. The Dow gained 502 points (+1.0%), while the S&P 500 fell 0.2% and the Nasdaq fell 0.5%, as investors awaited the first Federal Reserve meeting under new Chair Kevin Warsh.

The Gold Trade Is Shifting From Margins to Growth

The stock market and stuff

• Fox Buys Roku In A $22B Deal To Rewire Its Streaming Future (theDeepDive)

• Technical factors are adding fuel to SpaceX’s meme stock fire (CNBC)

• SpaceX Acquires AI Coding Startup Cursor in $60B All-Stock Deal (theDeepDive)

• Oil Drops Below $80, But For How Long? (theDeepDive)

In the juniors

• Antimony Resources Drills 5.45% Antimony Over 10.3 Metres At Bald Hill (theDeepDive)

• PTX Metals Hits 92% Copper Recovery in Debut W2 Testwork (theDeepDive)

• Tiger Gold Hits 234.5 Metres of 1.2 g/t Gold at Tesorito (theDeepDive)

• Kootenay Silver’s La Cigarra PEA Outlines $763M After-Tax NPV, 14-Year Mine Life (theDeepDive)

FULL DISCLOSURE: Granada Gold is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Granada Gold. The author has been compensated to cover Granada Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.