From the Editor June 22, 2026 · Day 115

Day 115. They came out of Switzerland with a “roadmap” — sixty days to a deal, an oversight committee, a hotline so the ships stop pointing guns at each other. Progress, Vance says. Maybe. But a roadmap isn’t a deal; it’s a promise to maybe make one, and even that got handed over while Trump threatened from afar to hit Iran “very hard again” and Tehran kept Hormuz declared shut over the Lebanon strikes. The principals flew home; a technical team stayed to argue the rest of the week. Wall Street already cashed the check — S&P up better than a percent, oil down 17% on the month, everyone betting the disruption’s done. I’m not there. Show me a final signature and a tanker wake, not a committee. Bring the flask.