Off Leash Update: Leadership Uncertainty, Alliance Diplomacy and Regional Signaling

Off Leash update 6 July 2026

COMING UP THIS WEEK •The Philippine Senate began an impeachment trial for Vice President Sara Duterte, who stands accused of corruption and making public threats against President Bongbong Marcos after the once-allied running mates bitterly fell out. Duterte insists the charges are politically motivated. •Iran is in the middle of a six-day, two-country funeral for slain former Supreme Leader Ali Khamenei. The events conclude on Thursday, when Khamenei will be buried in his northeastern hometown of Mashad. •Turkey will host a NATO summit tomorrow and Wednesday. Pres. Trump plans to attend, and will likely have some gripes to express: last week he complained that it was "ridiculous" for the U.S. to continue its "one-sided" relationship with NATO. •The Paris Court of Appeal will rule on French far-right leader Marine Le Pen's appeal to overturn her conviction for misusing European funds. If the court overturns her conviction and resulting ban on holding public office, then she'll be the National Rally (RN) party's candidate in next year's presidential poll. If the court upholds her conviction, Jordan Bardella will represent the RN. •The 139th Wimbledon Championships conclude with the men's final on Sunday.

COMMODITY AND COIN MARKET PRICES •Aluminum: $3,091/ton •Antimony (global avg.): $35,245/ton •Bitcoin: $62,747 •Cobalt: $/ton •Copper: $13,367/ton •Ethereum: $1,762 •Gold: $4,143/toz •Lead: $1,892/ton •Natural Gas (Nymex): $3.23/MMbtu •WTI Crude Oil (Nymex): $68.33/barrel •Zinc: $3,541/ton

IRAN •Hundreds of thousands of Iranians turned out to mourn Iran's late Supreme Leader, Ayatollah Ali Khamenei, in the first days of his funeral. •It's not that Khamenei was wildly popular - in fact, he was widely disliked by the end of his reign, as Iranians increasingly blamed him for their country's economic woes and resented the brutal crackdowns his repressive security services inflicted on those who dared to criticize. •Rather, the government engineered high turnout by declaring national holidays and bribing attendees with freebies. •Khamenei's son and successor, Mojtaba, was conspicuously absent as his three brothers prayed beside their father's coffin. Mojtaba hasn't been seen in public since the Feb. 28, 2026 strike that killed his father - and reportedly maimed him.

CHINA •China tested a long-range, submarine-launched ballistic missile with a "mock warhead" today - its first such test in nearly two years. •Beijing insisted the launch was just part of "routine" training and "not directed against any specific country or target," but its timing suggests it was a reaction to Australia signing a new mutual defense treaty with Fiji just hours prior. •Australia's foreign minister chastised Beijing for the test, which she called "destabilizing to the region."

UKRAINE •Presidents Trump and Zelensky will meet on the sidelines of this week's NATO summit to capitalize on new momentum towards a peace deal. •After the leaders spoke by phone over the weekend, Zelensky optimistically declared: "There is a real prospect to put an end to this war, and America's resolve is decisive." We shall see.

VENEZUELA •Venezuela has now tallied 3,342 deaths from twin earthquakes on June 24. Thousands are still missing, and residents are seething at the government over its slow and flaccid response to the disaster. •According to a new NYT report, residents of shoddily-built public housing are also livid with the state for ignoring - and even suppressing - years of warnings that their homes would crumble in a tremor. Last month, many did just that.