Morning Briefing: June 19, 2026

Here’s a rundown of all the news you need to start your Friday, including Pakistan’s prime minister signing the memorandum of understanding agreed to by the US and Iran to end the war, Iran and Pakistan’s leaders discussing the agreement with the US in the first call since the deal's signing, and the White House delaying US Vice President JD Vance's trip to Switzerland for Iran talks over unresolved logistics.

TOP STORIES

• Pakistani premier signs Islamabad MOU as mediator between US, Iran

Pakistan’s Prime Minister Shehbaz Sharif signed the Islamabad Memorandum of Understanding (Islamabad MOU) agreed to by the US and Iran to end the war.

Pakistan has been the main mediator between the US and Iran after it secured a ceasefire on April 8 and hosted the highest level of talks between the two nations on April 12 and 13 since they severed diplomatic ties in 1979.

According to a statement from the Pakistan prime minister’s office, Sharif signed the Islamabad MOU as “mediator.”

• Iranian president, Pakistani premier discuss agreement with US in 1st phone call since deal's signing

Pakistan and Iran reaffirmed their commitment to advancing regional peace during a high-level phone call, the first such contact since the signing of the US-Iran peace deal, which Pakistan mediated.

The call between Pakistan’s Prime Minister Shehbaz Sharif and Iranian President Masoud Pezeshkian lasted over a half hour and focused on implementation of the newly signed agreement and the future direction of Pakistan-Iran relations, according to a statement issued by the prime minister’s office.

• White House delays Vance's Switzerland trip for Iran talks over unresolved logistics

- US Vice President JD Vance is not departing for Switzerland on Thursday as logistical details for expected technical talks with Iran remain unresolved, said the White House.

“As of now, the US vice president is not departing tonight,” a spokesperson said.

Vance had been expected to travel to Switzerland as part of efforts to advance discussions linked to Iran.

NEWS IN BRIEF

• Turkish Foreign Minister Hakan Fidan said the US and Iran have reached an agreement in principle on key elements, but technical issues, including the fate of Iran's enriched uranium and the implementation of a future enrichment moratorium, remain unresolved.
• Moscow Mayor Sergey Sobyanin said the Russian capital has been under one of the largest Ukraine drone attacks.
• China urged Washington and Tehran to “uphold the spirit” of the Islamabad Memorandum of Understanding signed by US President Donald Trump and Iranian President Masoud Pezeshkian.
• The US launched a comprehensive review of its military presence in Europe to facilitate a transition where European countries assume primary responsibility for the continent's security.
• Germany has ordered two navy ships to sail from the eastern Mediterranean into the Red Sea as a preparatory step for a possible mine-clearing mission in the Strait of Hormuz.
• Israeli Foreign Minister Gideon Saar said he was severing all contact with European Union foreign policy chief Kaja Kallas, accusing her of comparing Israel to apartheid-era South Africa.
• The heads of Libya’s three main political bodies agreed on a roadmap to hold simultaneous presidential and parliamentary elections before February 2027 and establish a high-level committee to oversee the process.
• German Foreign Minister Johann Wadephul signaled that Germany may scale back its financial contributions to the United Nations after failing to secure a non-permanent seat on the Security Council.
• US Vice President JD Vance strongly pushed back on Israeli officials who have criticized the just-signed US-Iranian memorandum of understanding and whom he said have "very personally attacked the President of the United States."
• Türkiye's National Security Council welcomed the agreement reached between Iran and the United States and stressed the importance of safeguarding the diplomatic process.
• US forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas, the US military’s Central Command (CENTCOM) said shortly after the US and Iran signed a deal to end the Middle East war.
• UN Secretary-General Antonio Guterres voiced deep concern over escalating fighting in and around El Obeid, the capital of Sudan's North Kordofan state, warning that the city could face the kind of large-scale violence seen in El Fasher.
• Iran's Supreme Leader Mojtaba Khamenei said he personally held a “different view” on signing a memorandum of understanding (MOU) with the US but authorized it after receiving assurances from President Masoud Pezeshkian and senior officials.
• US President Donald Trump said he expects a “complete ceasefire on all fronts” shortly after the US and Iran signed a deal to end the Middle East war.
• Libya's eastern-based forces signaled readiness to engage in negotiations over a “US initiative” aimed at unifying the country’s executive authority.
• Iran’s Supreme National Security Council said that traffic through the Strait of Hormuz "will be increased gradually" under a memorandum of understanding with the United States.
• Iran's Parliament Speaker Mohammad Bagher Ghalibaf signaled a strong response if the agreement with the US is breached or excessive demands are made.
• US President Donald Trump said there are "no limits" to his ability to exert power following the US-Iran war, arguing that the United States has the “most powerful military in the world.”
• Greater Manchester Mayor Andy Burnham secured victory in a by-election held in Makerfield, a constituency in northwest England near Wigan, as he sought to return to Westminster.

BUSINESS & ECONOMY

• Bank of England freezes rates as US-Iran truce eases oil shock fears

The Bank of England kept its policy rate unchanged at 3.75% as falling oil prices after a recent US-Iran truce eased some inflation concerns, though policymakers warned that the outlook remains uncertain.

The bank’s Monetary Policy Committee voted by a majority of 7-2 to maintain the Bank Rate at its meeting ending June 17, according to the monetary policy summary.

Two members, Chief Economist Huw Pill and external member Megan Greene, voted to raise the rate by 25 basis points to 4%, citing concerns over persistent inflation pressures.

• Swiss government cuts 2026 growth forecast as Iran crisis clouds outlook

The Swiss government lowered its economic growth forecasts for 2026 and 2027, citing the effect of the Iran war on energy prices, inflation and global demand.

The Federal Government Expert Group on Business Cycles now expects Switzerland’s gross domestic product to grow 0.9% in 2026, down from its March estimate of 1%, the State Secretariat for Economic Affairs (SECO) said in its latest economic forecast.

The group also cut its 2027 growth forecast to 1.6% from 1.7%.