Iran truce tensions, regional diplomacy and resource controls

Off Leash update 26 May 2026

COMING UP THIS WEEK •Yesterday, the U.S. celebrated Memorial Day, which commemorates fallen soldiers (as opposed to Veterans' Day, which celebrates all who have served). •Tomorrow is Eid al Adha, which marks the end of the hajj pilgrimage to Mecca. Despite the war and Iran's strikes on regional rivals like Saudi Arabia, around 1.7 million Muslims took part in this year's pilgrimage. •U.S. SecState Rubio will meet with his counterparts from the other three Quad countries - Australia, India, and Japan - for talks in Delhi today. One of their chief concerns will be finding ways to counter China's growing geopolitical and economic heft. •Paris Saint-Germain plays Arsenal in the UEFA Champions League final in Budapest on Saturday. •Colombia votes for president on Sunday. Far-left candidate Iván Cepeda is likely to win the most votes - but not a majority - in Sunday's first round, which will pit him against either far-right candidate Abelardo de la Espriella or center-right rival Paloma Valencia in a run-off on June 21.

COMMODITY AND COIN MARKET PRICES •Aluminum: $3,650/ton •Antimony (global avg.): $35,092/ton •Bitcoin: $77,169 •Cobalt: $56,290/ton •Copper: $13,668/ton •Ethereum: $2,120 •Gold: $4,511/toz •Lead: $2,012/ton •Natural Gas (Nymex): $2.92/MMbtu •WTI Crude Oil (Nymex): $92.46/barrel •Zinc: $3,543/ton

IRAN •The U.S. struck several missile sites and mine-laying boats in southern Iran in what CENTCOM called an act of self-defense "to protect our troops from threats posed by Iranian forces." •Despite the fresh U.S. strikes, the temporary ceasefire is still largely holding up as negotiators continue to make slow progress towards a permanent peace deal during mediated talks in Doha. •Iran's foreign ministry confirmed that a "framework" for a truce had been agreed, but it's unlikely to lead to a conclusive, war-ending agreement. As The Economist quipped: "At best...it will be a deal to keep talking about a final deal."

ISRAEL •In a Truth Social post, Pres. Trump demanded that several more Middle Eastern countries - namely, Egypt, Jordan, Pakistan, Saudi Arabia, Turkey, and Qatar - sign onto the Abraham Accords as part of a future deal to end the Iran war. •Critics complained that Trump's new demand adds further complexity to deliberations that are already dauntingly complicated. Plus, several of the countries in question have steadfastly refused to cave to past U.S. pressure to join the pact and are unlikely to suddenly reconsider now. Pakistan and Saudi, in particular, have long maintained that they would only consider joining the Accords and normalizing relations with Israel after Palestine has a clear path to statehood.

LEBANON •Three senior Iranian officials told the NYT that the latest Iran ceasefire proposal would also end Israel's war on Hezbollah in Lebanon. •However, Israeli Prime Minister Netanyahu struck a very different tone in a video statement announcing an escalation in Israel's war against Hezbollah: "We are not removing our foot from the pedal. On the contrary, I said to press on the pedal even more."

SUDAN •Human Rights Watch accused the UAE of funding and training Colombian mercenaries fighting alongside the Rapid Support Forces (RSF) in Sudan's civil war. •It's been well documented that Colombian fighters are backing the RSF, but this is the first compelling claim that the UAE hosted Colombians for training at an Emirati military base before deploying them to Sudan. •The UAE denied the latest accusations - just as it has denied backing the RSF in the first place.

GUINEA •Guinea - which is by far the world's largest bauxite producer - announced plans to introduce bauxite export controls next month. •The new curbs will disproportionately affect China, which receives almost three-quarters of Guinea's exported bauxite and processes it into alumina and aluminum.