America
US oil reserves fall to lowest level since 2004 amid Iran war shock
US crude oil reserves have fallen to their lowest level since 2004 as the energy market impacts of the war with Iran continue to expand.
Meanwhile, countries are actively seeking ways to adapt to these shifting conditions. The climate and energy editor at Semafor argued that the energy shock resulting from what is historically the largest supply disruption on record has been felt “quite mildly.”
One strategist noted that the decline in Chinese oil imports has “shielded the rest of the oil market.” Concurrently, new research from the Federal Reserve Bank of Boston indicates that the impact on the US is less pronounced than during the 1970s energy crisis, primarily due to increased domestic oil production.
In a study published yesterday (June 4), Boston Fed researchers stated that an oil shock of the kind triggered by the war with Iran would increase the Personal Consumption Expenditures (PCE) price index by 1.5 percentage points over the following year, compared to a 2.2 percentage point increase in the 1970s.
The researchers pointed out that while such a shock would have reduced employment growth by 1.8 percentage points in the 1970s, this effect has “largely disappeared in recent years.”
For the authors, this development implies that “monetary policy should focus more on the inflationary effects associated with oil shocks rather than the employment effects.”
One reason for this is that “more limited employment effects may generate less deflationary pressure to offset the inflationary impact of higher oil prices.”
According to the study, the impact of rising energy costs on employment currently remains limited because oil-producing states—such as New Mexico, North Dakota, Alaska, Oklahoma, and Texas—are able to record employment growth even as other states experience job losses.
The Boston Fed researchers found that in a scenario resembling the current oil shock, relative employment growth in Texas could increase by approximately 1.7 percentage points, whereas relative employment in Massachusetts could fall by about 0.4 percentage points.
“The world is learning to live without seaborne exports from the Gulf,” Christopher Smart, a US Treasury official during the Obama administration, wrote in an op-ed for The New York Times.
On the other hand, the war has forced Asia and Europe to accelerate their transition to renewable energy. A Bloomberg article reported that in countries particularly dependent on Gulf LNG, such as the Philippines, households have begun generating electricity by installing solar panels on their own properties.
America
US voter opposition to Israel support hits record high in new poll
A new public opinion poll conducted in the US shows that the proportion of American voters who believe the Washington administration is providing too much support to Israel has reached its highest level on record.
According to the survey, which was conducted by Quinnipiac University, 48% of respondents stated that the US provides “too much” support to Israel. Meanwhile, 7% said this support is “not enough,” 38% described it as “about right,” and 6% of participants remained undecided or did not answer the question.
“This is the highest level of voters who think the US is supporting Israel too much since Quinnipiac University first asked registered voters this question in January 2017,” the researchers who prepared the study noted.
When analyzed by political affiliation, 66% of surveyed Democrats, 55% of independent voters, and 20% of Republicans registered the view that the US supports Israel too much.
In recent years, Israel has been the focus of global criticism, particularly due to the manner in which it has conducted its military operations in Gaza. The war launched by Israel more than two years ago targeting Hamas has led to mass deaths among Palestinians in Gaza and the extensive destruction of infrastructure.
Separately, the US joined the current war alongside Israel against Iran approximately four months ago. Recent polling indicates that this step is unpopular among the American public.
Last week, US Vice President Vance warned Israeli officials not to criticize the peace agreement recently reached between Washington and Tehran. Vance implied that Israel, which is globally isolated, should be grateful for its partnership with the US.
Speaking at a press conference held at the White House, Vance said, “If I were in the Israeli government’s cabinet, I probably wouldn’t attack the only powerful ally I have left in the entire world.”
The Quinnipiac poll, conducted between June 18 and June 22, surveyed 1,165 individuals who identified themselves as registered voters. The margin of error for the study was reported as plus or minus 3.4%.
America
Colombia president-elect De la Espriella builds deep ties with European far right and Trump administration
Abelardo de la Espriella, who is poised to become Colombia’s next president, is forging deep institutional connections with Europe’s far-right political parties.
According to preliminary election results, De la Espriella won Colombia’s presidential election on Sunday, narrowly defeating human rights activist Iván Cepeda. Ahead of his electoral victory, De la Espriella traveled to Madrid in January to hold talks with Santiago Abascal, the president of Spain’s right-wing Vox party.
During the visit, De la Espriella joined Foro Madrid, an organization established by Vox’s party foundation to link right-wing and far-right groups across Spain and Latin America.
Other prominent right-wing figures in the region, including Chilean politician José Antonio Kast and Venezuela’s US-backed opposition leader María Corina Machado, are also part of this network.
Vox acts as a facilitator for relations between the Latin American right and the European far right, including connections with the Patriots for Europe (PfE) group in the European Parliament.
US President Donald Trump openly intervened in the Colombian election campaign to back De la Espriella, who has campaigned on a platform of “eradicating the left.”
De la Espriella: Attorney to paramilitaries and drug barons
Abelardo de la Espriella is recognized as a close associate of Álvaro Uribe, the right-wing politician who served as Colombia’s president from 2002 to 2010 and continues to wield significant political influence in the country.
A millionaire of many years, De la Espriella built his career as a high-profile defense attorney. His client list has included notorious right-wing paramilitaries, politicians allied with them, and prominent drug barons.
Among his clients was Salvatore Mancuso, a paramilitary commander and drug trafficker who was extradited to the US in 2008, where he was sentenced to 15 years in prison.
The Spanish daily newspaper El País previously described De la Espriella as the “lawyer of the mafia.”
In July, De la Espriella declared that he would do “everything in his power” to “eliminate” leftist politicians and activists, stating, “This plague must be eradicated.”
One of his campaign advertisements depicted him kneeling on the back of his electoral opponent, Iván Cepeda, pinning him heavily to the ground.
More recently, the president-elect was forced to defend his conduct after showing a female journalist a photograph of his lower body.
The image reportedly showed a prominent bulge in the groin area of his tight trousers. He reportedly told the journalist, “Come closer and tell me what you see.”
End of the “negotiation” era with guerrilla organizations
The formal political objectives pursued by De la Espriella during his campaign align closely with plans outlined by US President Donald Trump for restructuring the Colombian state.
De la Espriella has announced that his administration will no longer seek to resolve Colombia’s ongoing internal conflicts with remaining guerrilla factions and drug cartels through negotiations—the approach favored by outgoing President Gustavo Petro. Instead, he intends to rely on military force.
Proposed measures include launching airstrikes against guerrilla positions and resuming the aerial spraying of the controversial herbicide glyphosate over coca plantations.
According to analytical assessments, the consequences of such a securitized policy are likely to be “catastrophic,” particularly for rural areas.
Furthermore, De la Espriella has announced plans to construct 10 “mega-prisons” in remote regions of the country, which would likely operate under private-sector control.
These facilities are modeled on the high-security prisons established in El Salvador under President Nayib Bukele, where human rights organizations have repeatedly documented abysmal conditions.
On the economic front, De la Espriella advocates for drastic cuts to public spending, targeting a 40% reduction in state expenditures.
His economic policy model is Argentine President Javier Milei.
US-independent foreign policy sidelined
In foreign policy, De la Espriella aims to bring Colombia back under direct US alignment.
To this end, the incoming leader has announced “Plan Colombia 2.0.” The original Plan Colombia, implemented in the 2000s, involved billions of dollars in US weapons purchases alongside joint military operations with US forces on Colombian soil, which ultimately resulted in a dramatic escalation of violence.
De la Espriella has also declared his intention to join the “Shield of the Americas” initiative. This alliance, established in March by the Trump administration, links the US with Latin American and Caribbean nations governed by right-wing administrations.
Trump spoke highly of De la Espriella and openly supported him throughout the campaign.
Immediately following De la Espriella’s victory in the first round of the presidential election, Trump declared on social media that the election outcome was vital for Colombia’s relations with the US and offered his “full and complete endorsement.”
The Trump administration’s involvement in the Colombian campaign extended beyond rhetoric.
Shortly before the elections, US Secretary of State Marco Rubio ordered the arrest of Beto Coral, a Colombian activist who had applied for asylum in the US, and set in motion plans to deport him.
The action was taken after Coral spoke out publicly against De la Espriella. Rubio defended the decision, arguing that Coral’s continued presence in the US “would harm the foreign policy interests of the United States.”
Vox: The “facilitator” between European and Latin American right-wing networks
De la Espriella’s political network extends beyond the US to include influential figures in Europe.
At a major campaign event held in Bogotá on November 3, 2025, to support De la Espriella’s presidential bid, attendees included Alvise Pérez, a Spanish Member of the European Parliament and founder of the right-wing party Se Acabó La Fiesta (SALF).
The party’s two representatives in the European Parliament sit with the European Conservatives and Reformists (ECR) group.
On January 13, De la Espriella met in Madrid with Santiago Abascal, the leader of Spain’s Vox party, which maintains extensive ties to Latin America.
On the same day, De la Espriella joined Foro Madrid, an alliance founded in 2020 by Fundación Disenso, a think tank affiliated with Vox and officially chaired by Abascal.
Foro Madrid serves to coordinate right-wing and far-right forces in Latin America, linking them directly to Spain’s political right, particularly Vox.
Vox is a member of the Patriots for Europe (PfE) group in the European Parliament, an alliance that includes Marine Le Pen’s National Rally (RN) in France, Matteo Salvini’s Lega in Italy, and Viktor Orbán’s Fidesz in Hungary.
Through these institutional channels, Colombia’s incoming president is integrated into Europe’s broader right-wing and far-right political network.
America
US Senate approves measure limiting Trump’s authority to use force against Iran
The US Senate has approved a resolution aimed at limiting President Donald Trump’s authority to undertake military action against Iran.
According to CNN, the measure requires Trump either to halt military operations directed at Iran or obtain specific authorization from Congress before using force.
The resolution passed by a vote of 50 to 48. Its approval was made possible by Republican senators Rand Paul, Susan Collins, Lisa Murkowski and Bill Cassidy, who joined Democrats in supporting the measure. Democratic Senator John Fetterman voted against it.
The outcome was also influenced by the absence of several Republican senators.
Kentucky Senator Mitch McConnell was unable to vote after being hospitalized with an undiagnosed illness, while Pennsylvania Senator Dave McCormick did not participate in the vote. Their absence made it easier for Democrats to secure the necessary majority.
Commenting on the result, Senate Minority Leader Chuck Schumer said the American public was paying the price for what he described as Trump’s historic mistake on Iran.
“This will go down as one of the most failed foreign policy initiatives in the history of the United States,” Schumer said.
By supporting the resolution, Senators Rand Paul of Kentucky, Susan Collins of Maine, Lisa Murkowski of Alaska and Bill Cassidy of Louisiana also backed a measure previously approved by the House of Representatives that called on Trump to halt military attacks against Iran.
Some Democratic senators, including Tim Kaine, argued that passage of the war powers resolution remained necessary even though the United States and Iran had signed a memorandum of understanding and launched negotiations on a final peace agreement.
The Senate had previously supported the measure by a vote of 50 to 47 on May 20, but it was rejected by a vote of 48 to 47 during a subsequent vote on June 17.
Earlier efforts to advance the legislation in the Republican-controlled Senate had failed.
Under the US Constitution, only Congress has the authority to declare war.
However, many US presidents have argued that this restriction does not apply to short-term military operations or situations in which the country faces an immediate threat.
Although the Senate’s action is largely symbolic and does not carry full legal force, it reflects opposition among some lawmakers in both the House and Senate to military action against Iran and to Trump’s agreement that brought the conflict to an end.
The vote took place as the Pentagon was seeking an additional $80 billion from Congress to help cover the costs of operations involving Iran and replenish weapons and ammunition stockpiles.
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