Hi Global Recap readers,
You thought last week’s reports about $24 billion in unfrozen Iranian assets were bad?
Now, reported draft proposal includes a $300 billion “investment fund” to help rebuild Iran.
Critics are calling it cronyism.
They argue that negotiators Steve Witkoff and Jared Kushner (both real estate investors) are basically rebranding Iran’s demand for reparations as an “investment fund” to sell it to the public.
Sounds better than reparations.
🇨🇴 COLOMBIA
Trumpism Hits Colombia
Senator Iván Cepeda (left) and attorney Abelardo de la Espriella (right).
Pro-Trump lawyer Abelardo de la Espriella led Colombia's first presidential round and will face leftist Senator Iván Cepeda in a June 21 runoff, after neither cleared 50%.
Current Status:
With a majority of votes counted in the preliminary count, de la Espriella had 43.74% to Cepeda's 40.90%.
Cepeda is backed by outgoing President Gustavo Petro and wants to continue talks with armed groups.
De la Espriella has cast himself as Colombia's Trump/Bukele-style law-and-order candidate and is positioned to absorb much of the right-wing vote that went to Paloma Valencia, who finished under 7%.
President Petro and Cepeda called the count "illegitimate" without presenting evidence.
🇮🇷 IRAN
Pahlavi Speaks Out
Exiled Iranian Crown Prince Reza Pahlavi speaking at the Black Sea Security Forum in Odesa, Ukraine, on May 30.
Watch the excerpt here.
Before getting into today’s Iran-US news, I want to talk about Reza Pahlavi’s comments from Odesa, because they somewhat connect with concerns I’ve been raising for months.
Radicalization: Before the US and Israel launched the war against Iran in late February, I said I was worried that Iranian protesters wouldn’t just feel abandoned if the US failed to act after Trump kept hinting at it—they could become radicalized. After all, someone can hate the Islamic regime AND still resent the US. This wasn’t just theory either. There were already reports of young Iranians fleeing the country and expressing anger toward the Trump administration.
Rug-pull: Over the past few days, I’ve had the same concern about the US shifting its message from “freeing oppressed Iranians” to “getting a nuclear deal.” For young Iranians who thought the US had their back, that can feel like a rug-pull now that supporting them is no longer politically convenient.
And what's notable is that Pahlavi seems different now.
In the early days of the war, he was careful not to look like he was directly attacking Trump’s approach.
But here, he sounds more blunt and more frustrated—either because he’s had enough, or because he thinks a lot of Trump voters are also tired of the endless US-Iran back-and-forth.
At this point, he doesn’t have much to lose. Trump already seems to be moving in a direction Pahlavi clearly doesn’t agree with: dealing with the Islamic regime and shifting the focus away from the Iranian people.
🎙️ PODCAST
Week 4 (I think)
of Doubling Down
I think this is week 4 of me betting that the US-Iran war drags on—which is why I keep shamelessly plugging our podcast episodes on Iran-US history and oil.
Apparently, I’m not the only one though. Polymarket traders seem to be betting that way too.
But you don’t have to put any money down to join the gamble. Just become part of my sunk-cost fallacy instead. 👇🏼
🇮🇷🇺🇸 IRAN & US
Ceasefire Keeps Failing
Smoke trail from an Iranian Missile targeting an airbase in Kuwait.
The US and Iran traded new blows while negotiators are trying to end the 3-month war (supposedly).
What We Know:
US Central Command said it struck Iranian radar and drone-control sites in Goruk and Qeshm in "self-defense" after what it called Iran's shootdown of a US MQ-1 drone over international waters.
Iran's Islamic Revolutionary Guard Corps said it retaliated against a US air base used in an attack on a telecom tower on Sirik Island, but did not name the base.
Kuwait said its air defenses were intercepting missile and drone attacks, with no immediate details on origin, damage, or casualties.
Pezeshkian Quits?
Iranian President Masoud Pezeshkian
First, reports were going around that Iranian President Masoud Pezeshkian had asked to step down after telling Supreme Leader Mojtaba Khamenei’s office that the presidency had been sidelined from real decision-making.
But now, Iran's regime is denying this report altogether.
What We Know:
The report says Pezeshkian complained that Islamic Revolutionary Guard Corps (IRGC) commanders had taken over key state decisions, leaving him unable to run the government.
Regime-aligned media denied the resignation claim and accused Iran International of spreading Mossad and CIA-linked rumors.
Pezeshkian adviser Mehdi Tabatabai also denied it, saying the president would not stop serving the people.
If the letter is real: Pezeshkian is signaling that Iran's elected government may be losing even the limited space it had left.
“Gas Leak”
A report circulating in OSINT channels says Vahid Hakan, described as an IRGC-linked state-broadcaster official tied to satellite equipment and Khatam al-Anbiya contracts, was assassinated in Andisheh, Tehran.
What We Know:
The rumor started spreading alongside photos of an apartment that had been completely destroyed by a supposed “gas leak.”
That stood out because Iran has seen a string of so-called “gas leaks” in recent months (which were officially "accidents," but rumored to have targeted key IRGC figures).
One example was the January explosions in Bandar Abbas and Ahvaz, which killed at least 7 people.
🇪🇺🇷🇺 EU & RUSSIA
Medvedev Threatens Europe
Dmitry Medvedev
Dmitry Medvedev, Russia's former president and current Security Council deputy chair, used the recent Russian drone crash in Romania to tell EU citizens their "peaceful sleep is over."
What We Know:
Medvedev claimed EU governments have "unilaterally entered into a war with Russia" by backing Ukraine.
NATO Secretary-General Mark Rutte called Russia's behavior reckless and said the alliance would keep strengthening drone defenses.
I’m not saying Medvedev’s words should be dismissed, but it’s worth remembering that he’s been using aggressive rhetoric throughout the Russia-Ukraine war.
So… take that into account.
📌 Context. Romania said the Russian drone hit an apartment building during an overnight attack on Ukraine, injuring 2 people.
