President Trump intervened in the Monday June 1 escalation news cycle, announcing that Israel and Hezbollah had agreed to stop attacks against each other (with no troops going to Beirut), that talks with Iran were continuing "at a rapid pace," and that he expects to have an agreement with Iran and reopen the Strait of Hormuz "within the next week." The announcement pared the oil spike from session highs and drove the defense-complex selloff.