Hi Global Recap readers,
My timing is actually cursed.
I waited all day yesterday for Starmer to finally announce his resignation so I could write about it.
Nothing.
So I gave up, spent 30 minutes copying stories out of my draft folder, hit send, and then opened social media to waste time.
First thing I see? A video posted 30 minutes ago:
“🚨BREAKING: STARMER RESIGNS!”
Cursed.
👀 This Week So Far
Quick Catch-Up
🇮🇷🇺🇸 Iran-US: The US, Iran, Qatar, and Pakistan finally open Switzerland talks after Friday's delay.
🇨🇴 Colombia: Trump-backed Abelardo de la Espriella narrowly beats Iván Cepeda 49.66% to 48.7% in Colombia's runoff, while outgoing President Gustavo Petro blames "the state of Israel" for server breach.
🇷🇺🇺🇦 Russia-Ukraine: Ukraine strikes the Tyumen oil refinery in Siberia, more than 2,000 km (1,200 miles) from Ukraine and possibly Kyiv's deepest hit inside Russia so far.
🇬🇧 UNITED KINGDOM
Burnham Moves In
UK Prime Minister Keir Starmer (left) and Labour MP Andy Burnham (right).
UK PM Starmer has set his exit in motion, saying he will resign as Labour leader and stay in No. 10 only until Labour chooses a successor. Newly elected Makerfield MP Andy Burnham is already preparing for power, but the handover is still a party process (for now).
Exit. Starmer said Labour MPs no longer saw him as the right person to lead them into the next election, then delivered an emotional Downing Street speech thanking his family.
Path. Nominations open on 9 July and are due to finish by the summer recess. Burnham could enter No. 10 by mid-July if nobody gets the 81 MP nominations needed to challenge him.
🇮🇷🇺🇸 IRAN & US
Who Agreed To What?
US Vice President JD Vance says Iran talks produced a 60-day roadmap toward a final deal. But Iran is is already disputing what, exactly, it signed up for.
Nuclear.
US: The biggest news Vance announced was that Iran had agreed to allow International Atomic Energy Agency (IAEA) inspectors back in to monitor its nuclear facilities.
Iran: However, Iranian Foreign Ministry spokesperson Esmail Baghaei said the nuclear details were not discussed in the 18-hour Switzerland talks and Iran accepted no new commitments.
Money.US: President Trump said unfrozen Iranian assets would be used only to buy US food from American farmers.
Iran: Central Bank governor Abdolnaser Hemmati said Iran has no such obligation and could use additional released funds for other non-sanctioned goods.
That said, both agree on one point: the US Treasury’s Office of Foreign Assets Control (OFAC) issued a license allowing Iran to sell oil and petrochemical products through August 21.
🇺🇸 UNITED STATES
Emergency Reserves Low
US emergency oil reserves just fell again, down to 331.2 million barrels. This the lowest since June 1983.
Drawdown. The latest weekly drop was 9.05 million barrels, the 3rd-steepest draw on record, and part of a planned 172 million-barrel release meant to cool fuel prices.
Pattern. The long-run chart shows the arc: a hard slide after 2021, a slow rebuild from July 2023 through March 2026, then another sharp drop once releases resumed.
Refill. The administration says the barrels are structured as loans, so companies must return the crude later with extra oil.
Tradeoff. Loan terms help the refill case later. They do not change the immediate math: Washington is spending emergency supply to keep fuel prices from becoming a political problem.
Closer Look
Sorry, the graph is a bit hard to read, but it shows two recent steep drops in US emergency oil reserves.
Biden administration: The first major slide began in late 2021 and accelerated in 2022, driven by a mix of mandated US Strategic Petroleum Reserve (SPR) sales and emergency releases aimed at easing high fuel prices after Russia’s full-scale invasion of Ukraine.
Trump administration: The recent drop is different. After a recovery from July 2023 to March 2026, reserves fell sharply again, and that looks much more tied to the Iran-US war energy shock and the Trump administration’s decision to tap the reserve to calm oil markets.
📌Context. President Trump previously mentioned that oil reserves could have run out in about 4 weeks if the Strait of Hormuz had not reopened under the Iran deal.
🇷🇺🇺🇦 RUSSIA & UKRAINE
Voronezh Gets Hit
Ukraine says its Air Force hit a Voronezh electronics plant with precision air-launched cruise missiles, putting Russia's missile supply chain back on the target list after weeks of strikes on fuel infrastructure.
Target. Ukraine's General Staff said the facility made components for Russian Iskander and Kh-101 missiles. Ukrainian reporting identified it as the Voronezh Semiconductor Devices Plant, which also makes electronics for air defense systems.
Damage. Russian and Ukrainian channels posted photos and videos of smoke and heavy damage. Russian authorities acknowledged damage to an enterprise but did not confirm the plant was hit.
Casualties. Voronezh Gov. Alexander Gusev later said 5 people were killed and dozens injured.
🔎 Observation. Recently, I’ve seen a lot of comments under posts about Ukrainian attacks, accusing the poster of “spreading Ukrainian propaganda” simply for reporting that Ukraine is striking targets inside Russian territory.
