Iran escalation, Houthi activity and DRC political tensions lead Off Leash update

Off Leash update 30March

COMING UP THIS WEEK •Wednesday is April Fools' Day and - perhaps relatedly - Edible Book Day. •It's also the 50th anniversary of Steve Jobs and Stephen Wozniak founding Apple Computers. •This is Holy Week for western Christians. Friday is Good Friday (U.S. and EU markets are closed), followed by Easter on Sunday. EU markets are also closed for Easter Monday next week. •OPEC+ producers - Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria, and Oman - meet Sunday to set output targets for May.

COMMODITY AND COIN MARKET PRICES •Aluminum: $3,296/ton •Antimony (trioxide min. 99.65% fob China): $30,950/ton •Bitcoin: $67,471 •Cobalt: $56,290/ton •Copper: $12,195/ton •Ethereum: $2,065 •Gold: $4,542/toz •Lead: $1,897/ton •Natural Gas (Nymex): $2.94/MMbtu •WTI Crude Oil (Nymex): $100.92/barrel •Zinc: $3,115/ton

IRAN •Pres. Trump's envoy, Steve Witkoff, said he was "hopeful" that negotiations will start this week, and Pakistan said it's preparing to host peace talks. •But while Trump hints at ongoing contact with Iran's "much more reasonable" new leaders, he's simultaneously fueling rumors that he'll abandon talks and "take the oil in Iran" - perhaps by seizing its Kharg Island fuel hub. •Having twice been bombed between rounds of ongoing negotiations, Iran is wary. Its parliament speaker accused the U.S. of "secretly planning a ground invasion" and warned that U.S. troops on the ground inside Iran will be "set on fire." •Israel struck two Iranian nuclear facilities that Iran's Foreign Minister, Abbas Araghchi, insists were civilian infrastructure. Araghchi threatened to "exact a heavy price" in retaliation, and Iran later struck a chemical plant in southern Israel. •The war is unpopular in the U.S., where an Economist / YouGov poll found only 36% of respondents approve of how Trump is pursuing it.

YEMEN •Yemen's Iran-backed Houthi rebels joined their benefactor's war by resuming missile launches towards Israel for the first time since the U.S. and Israel began striking Iran a month ago. •Israel easily intercepted the incoming Houthi missile, and analysts seem unconcerned that the Houthi's entry into the war will shift its course. That's partly because the Houthis' firepower comes from Iran, and Iran can't afford to divert part of its depleting arsenal just so the Houthis can fire at the same enemy from a different angle. •The Houthis also seem to be refraining from targeting Red Sea shipping, as they did from 2023 until a ceasefire in May 2025. One Chatham House analyst surmised that they hope that Saudi Arabia will reward their restraint with cash. But others suggest the rebels are growing frustrated that Saudi aid hasn't materialized and may abandon their restraint.

DRC •Ex-Congolese President Joseph Kabila gave his first major interview in eight years to the NYT. •In the extensive conversation, he hinted that he helped rig the 2018 election to fulfil a power-sharing "agreement" he had struck with his successor, Felix Tshisekedi, with whom he has since spectacularly fallen out. •Kabila now accuses Tshisekedi of trying to assassinate him in a drone strike on Goma earlier this month and slammed "Tshisekedi’s tyranny," warning of the "Sudanization" of DRC - i.e., of political dispute that descends into open conflict. •For its part, Tshisekedi's government accuses Kabila of leading the Rwanda-backed M23 rebellion in the east and has convicted him of treason and sentenced him to death in a trial that Human Rights Watch called "blatantly unfair." •Kabila is now back in DRC, in M23-controlled Goma. When the NYT asked him if he wanted to rule DRC again, he ominously demurred.