U.S. Vice President J.D. Vance speaks at Bangor International Airport in Bangor, Maine, May 14, 2026. Mr. Vance is in Maine to promote the government’s anti-fraud efforts.
Tierney L. Cross | Getty Images
Hello, my name is Justina Lee from Singapore. Welcome to another edition of CNBC’s Daily Open.
President Donald Trump and Vice President J.D. Vance have pushed back against criticism that the United States has given “too much” in its interim deal with Iran, which includes a proposed $300 billion reconstruction plan.
But oil markets responded with surprising restraint. Prices were little moved after Mr. Vance announced that the U.S. blockade of Iranian ports and coastal areas had been lifted and a tanker carrying more than 12 million barrels had crossed the Strait of Hormuz overnight.
Investors are increasingly looking to other areas. With new Federal Reserve Chairman Kevin Warsh taking a more hawkish stance, traders are now reassessing the future direction of interest rates and whether borrowing costs are likely to remain high for an extended period of time.
What you need to know today
Vice President J.D. Vance has maintained that the United States does not pay Iran any money and that the Islamic Republic’s economic interests depend on full compliance with the 14-point memorandum of understanding. Vance defended President Donald Trump’s approach, saying, “The United States is not giving Iran a penny.”
The comments came amid pushback from Republicans who say President Trump may have contributed too much to Iran in the interim deal between the United States and Iran, which includes a proposed $300 billion recovery plan.
President Trump also hit back at criticism over the terms of the interim peace agreement between the United States and Iran. “Any idiot who thinks I’m not being tough enough on Iran when the stock market is at record highs and oil prices are ‘down’ is either jealous, evil or stupid,” President Trump said Thursday on Truth Social.
Following the tentative agreement, the U.S. Navy, under the direction of President Trump, lifted the blockade of Iranian ports and coastal areas. Meanwhile, Iran has been asked to allow commercial vessels free passage through the Strait of Hormuz for 60 days. The move marks a significant easing of tensions at one of the world’s most important energy chokepoints.
Oil prices fell on news of the tentative deal and the lifting of the blockade, but markets reacted relatively calmly to signs that shipping activity is recovering. Vance said more than 12 million barrels of tankers passed through the Strait of Hormuz overnight, but oil prices moved only modestly. The lackluster response suggests investors are waiting for clearer evidence that the deal could lead to a lasting détente in the region.
Separately, OPEC Secretary General Haitham Al Ghaith told CNBC in an exclusive interview that the Organization of the Petroleum Exporting Countries does not see a peak in oil demand in the near future, rejecting the International Energy Agency’s predictions of a future oversupply. “(We) focus on the fundamentals and don’t put too many ifs and buts into our predictions, but rather on the actual numbers,” he said.
Investors are also recalibrating their expectations for U.S. monetary policy. New Federal Reserve Chairman Kevin Warsh struck a more hawkish tone this week, fueling concerns that interest rates could start rising in the coming months. “Staying high prices are a burden on Americans, but recent history doesn’t have to be the beginning.”
Meanwhile, in the AI space, Amazon has launched an investigation into three engineers who spoke at a recent Seattle City Council meeting in support of a one-year moratorium on AI data centers. Employees criticized what they described as “an AI ramp-up justified at all costs” driven by an industry race to expand computing power. Amazon previously told CNBC that it respects its employees’ right to express their opinions.
— Justina Lee
And finally…
Kalsi hits $2 billion in annual revenue, holds informal IPO negotiations
Prediction market platform Kalsi is holding informal IPO discussions after reaching $2 billion in annual revenue, establishing a new financial metric for the company, according to the information.
Kalsi is in early informal IPO discussions, which will provide the company with broader access to capital markets for future expansion.
