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United States

Iran

Israel

United Arab Emirates

People wave Iranian pre-1979 Islamic Revolution and American flags while members of the Iranian community celebrate in front of the Federal Building on March 1, in Los Angeles. 

The recent exchange of fire around the Strait of Hormuz reflects calculated efforts by Washington and Tehran to re-establish deterrence and project strength, complicating already fragile negotiations.


Iran and U.S. Exchange Fire, Further Straining Ceasefire

Ukraine

Russia

Russian officers patrol central Moscow on May 5, 2026, in front of the Kremlin, a few days ahead of the Victory Day military parade, to be held at Red Square on May 9. 

Military & Security

Politics

Russia-Ukraine Conflict

While Ukraine is unlikely to attack Moscow during the May 9 parade, its expanding long-range strike capabilities will steadily increase the war's political, economic and psychological toll on Russia ahead of the September elections.

Ukrainian Strikes Put Russia on Edge Ahead of Victory Day Parade

Canada

Alberta separatists gather during a rally in front of the Elections Alberta headquarters in Edmonton, Canada, on May 4, 2026.

A renewed independence push in Alberta is highly unlikely to succeed, but Ottawa will still likely have to confront stronger secessionist pressures in Quebec after elections later this year. 

What To Make of the Albertan Secessionist Movement in Canada

United Kingdom

While a Ukraine loan scheme will offer opportunities for British companies, it will not reintegrate the United Kingdom into EU defense structures.

A Small Step for EU-British Defense Cooperation

Saudi Arabia

The skyline of Dubai is seen on March 11, 2026.

Energy

The UAE's exit will enable it to boost production more quickly once shipping through the Strait of Hormuz normalizes, while hindering OPEC's ability to manage the subsequent price drops.

The UAE's Exit From OPEC Further Diminishes the Oil Cartel's Relevance

Romania

Romanian Prime Minister Ilie Bolojan delivers a speech to lawmakers in parliament in Bucharest on June 23, 2025.

Economics

The crisis could undermine fiscal consolidation and further empower far-right forces, potentially reversing Romania's EU alignment and harming its economic credibility.

Romania's Latest Political Crisis Threatens Fiscal Reform and EU Alignment

Cuba

A general view of El Capitolio and the Havana skyline on December 16, 2014, in Havana, Cuba.

A recent unannounced U.S. diplomatic visit to Havana bodes well for a deal that reduces tensions, but Washington's ongoing demands for political and economic reforms will sustain the risk of a U.S. military and/or law enforcement operation.

U.S.-Cuba Talks Progress, but Threat of Military Action Still Looms

Egypt

The exterior facade of the new headquarters of Egypt's central bank is seen at the New Administrative Capital megaproject about 45 kilometers east of the current capital, Cairo, on Aug. 1, 2023. 

Egypt will try to avoid submitting to another IMF loan program, which would likely require unpopular austerity and privatization measures. But the escalating economic impact of the Iran war may eventually force its hand.

Iran War Fallout Could Force Egypt to Seek Another Unpopular IMF Bailout

Satellite imagery shows a broad view of the Strait of Hormuz between southern Iran and Oman's Musandam Peninsula on April 7, 2026.

Pledges to reopen the strait will support U.S.-Iran diplomatic momentum and reduce near-term escalation risks, but shipping activity will recover only gradually amid persistent tensions, with a continued risk of disruption until a durable agreement is reached.

The Operational vs. Diplomatic Impact of the Strait of Hormuz's Nominal Re-Opening

Haiti

Debris surrounds a school destroyed by armed gangs back in 2024 in the Solino neighborhood of Port-au-Prince, Haiti, on March 3, 2026.

Haiti's extreme insecurity and political instability are highly unlikely to improve ahead of planned elections in August, raising the risk of mass unrest that could collapse the already weakened government.

Haiti's Security and Political Crises Heighten Risk of State Collapse

Argentina

View of the Perito Moreno Glacier at Los Glaciares National Park near El Calafate, Santa Cruz province, Argentina, taken on June 8, 2025.

Environment, Science & Technology

Science & Technology

By dismantling uniform national protections in favor of provincial oversight, Argentina aims to stimulate its extractive-export economy but will risk the long-term security of water-dependent sectors and the environment.

Argentina's Revised Glaciers Law Will Unlock Mining Investment, but Risks Environmental Degradation

Iranians hold national flags as they gather in Tehran's Revolution Square after the United States and Iran agreed to a two-week ceasefire, on April 8, 2026 in Tehran, Iran.

Global Trade

U.S.-Iran Relations

Upcoming negotiations face substantial hurdles as both sides present maximalist demands that could precipitate a return to high-intensity conflict.


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