Election calendar converges with reports of Gulf and maritime tensions

Off Leash update 1 June 2026

COMING UP THIS WEEK •Ethiopia votes in parliamentary elections today. Abiy Ahmed's ruling Prosperity Party is sure to win, since large parts of the rebellious regions of Amhara and Tigray won't vote and Abiy's strongest rivals have been sidelined or jailed. •The Oslo Freedom Forum - Human Rights Foundation's annual summit - starts today. This year's speakers include Venezuelan opposition leader Maria Corina Machado and actor Richard Gere, who played a victim of human rights abuses in Red Corner and Bent (and is also an established rights advocate off-screen). •Saturday is the 82nd anniversary of D-Day. •Sunday is a big day for elections: Armenia and Kosovo vote in parliamentary polls, and Peru votes in a run-off presidential election. In Peru, right-wing candidate Keiko Fujimori has a narrow polling lead over leftist candidate Roberto Sanchez.

COMMODITY AND COIN MARKET PRICES •Aluminum: $3,667/ton •Antimony (global avg.): $35,474/ton •Bitcoin: $72,614 •Cobalt: $56,290/ton •Copper: $13,636/ton •Ethereum: $1,982 •Gold: $4,510/toz •Lead: $2,016/ton •Natural Gas (Nymex): $3.33/MMbtu •WTI Crude Oil (Nymex): $90.40/barrel •Zinc: $3,540/ton

COLOMBIA •Far-right candidate Abelardo de la Espriella won the first round of Colombia's presidential election, but with less support than he needed to win the presidency outright. He'll face far-left candidate Iván Cepeda in a run-off on June 21. •President Petro - who backed Cepeda - rejected the result, citing (but not substantiating) irregularities.

IRAN •Iran and the U.S. traded strikes over the weekend, but continued to exercise restraint: the U.S. said its strikes were in "self-defense," and Iran said it was merely retaliating against the U.S. strikes. •Several reports suggested that Pres. Trump sent a draft agreement back to Iran with some proposed changes to Iran's offer, but other accounts suggest there isn't much room to negotiate between the two sides' demands. •U.S. ships have reportedly quietly escorted around 70 commercial ships through the Strait of Hormuz in the past three weeks. That's an approximate figure, since the U.S.-guided passages have been "dark," with transponders turned off, and probably hugging the Omani coast to stay as far as possible from Iranian fire. It corresponds to an average of about three vessels per day, which is far short of the 100 per day that transited the Strait pre-war.

RUSSIA •The French Navy intercepted and boarded a sanctioned and false-flagged Russian oil tanker, the Tagor, in international waters about 400 nautical miles west of Brittany. •Pres. Macron justified the seizure in a post on X: "It is unacceptable for ships to circumvent international sanctions, violate the law of the sea, and fund the war that Russia has been waging against Ukraine for more than four years." It was the fourth time the French Navy has boarded a Russian "shadow fleet" tanker since Sep. 2025. •The Kremlin complained about the "illegal" seizure, which it said was "bordering on international piracy."

VENEZUELA •The AP reported on emerging rifts in interim President Delcy Rodriguez's government, with longtime Maduro loyalists criticizing Rodriguez's reforms. They particularly object to her deportation of close Maduro ally Alex Saab to face trial in the U.S., and her authorization for U.S. forces to conduct training in Caracas. •Andrés Izarra - who served as communications minister under Hugo Chavez and tourism minister under Maduro before falling out with Maduro's cronies and fleeing into exile - said the divide isn't about Chavismo ideology, which Izarra thinks died with its founder in 2013. Rather, "since there is no ideological foundation, it is simply a struggle for power, money, positions, and survival."