Good evening once again. I am Stephanie Ruhl, and welcome to the nightcap.

The fallout from the six-week war in Iran continues, and we are going to dig in.

This week started with the president threatening to wipe out an entire civilization.

Then with just over an hour before his self-imposed deadline, the U.S. and Iran agreed to a two-week ceasefire.

No surprise, with both sides then claiming victory, as well as what appears to be regular violations of the terms of the deal.

Most notably, the Strait of Hormuz remains closed. This weekend, Vice President J.D. Vance will lead negotiations to end this war.

Meanwhile, here in the United States, the impact of the war came into focus as the latest inflation report

found gas prices in March soared over 21%. That is the largest increase in nearly 60 years.

Since they started covering the data

and consumer sentiment, no surprise, fell to a record low. All right, we've got a lot to cover,

so let's bring in our nightcap and you're in luck. It is an excellent one. My dear friend, my

colleague, MS Now anchor, Chris Jansing, joins us, Peter Goodman, global economics correspondent

for The New York Times,

Susan Glasser, staff writer for The New Yorker, and Paul Mercurier. He is a former lawyer on Wall Street, an investment banker turned Emmy and Peabody Award-winning comedian. He is the co-host of the award-winning show, Permission to Speak, and he's in luck. We're going to give him that permission tonight. Okay, Susan, you're first.

I am not going to ask you who won the ceasefire, but who has the upper hand

right now? Because right now, both the U.S. and Iran are claiming victory.

Well, you know, I took great notice this afternoon, Friday afternoon, when Donald Trump

sent out his social media posting

and he said in advance of the talk, hey, Iran, you have no cards to play. First of all, I thought,

my goodness, he's run out of lines. He's using the exact same line with Iran that he used with

Zelensky more than a year ago. Of course, Zelensky, it turned out, had a few more cards than Donald Trump.

Realized I think that's the case here.

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