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When the Gulf stops recycling petrodollars, everyone pays
Today we cover how the Iran war is shattering the Gulf states' decades-long financial bargain with the West and why the tremors could shake the foundations of the dollar itself.
Editor-in-Chief
April 26, 2026
THE BRIEFING
Here’s what’s happening in geopolitics today.
A dramatic security scare in Washington sees Donald Trump rushed from the Correspondents’ Dinner, while his administration also pulls the plug on last-minute Iran talks in Pakistan. In the Middle East, Israel ramps up strikes on Hezbollah despite a fragile ceasefire, as tensions continue to simmer.
Elsewhere, Mali is rocked by a major escalation with the killing of its defence minister, while Russia and North Korea deepen ties with yet another high-level visit.
In today’s deep dive, we cover how the Iran war is shattering the Gulf states' decades-long financial bargain with the West and why the tremors could shake the foundations of the dollar itself.
THE LAST 24 HOURS IN GEOPOLITICS
1. Trump rushed from Correspondents’ Dinner after shooting incident
Donald Trump was rushed from the White House Correspondents’ Dinner in Washington after gunfire was reported near a security checkpoint at the venue. Secret Service agents quickly evacuated Trump, the First Lady and other senior officials, with authorities later confirming they were unharmed and that a suspect had been taken into custody. The incident caused panic among attendees and led to the event being suspended, with investigations ongoing into the motive and security breach.
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2. Trump pulls plug on last-minute Pakistan peace talks with Iran
Trump has cancelled a planned trip by senior envoys to Pakistan for last-minute peace talks with Iran, effectively halting the latest diplomatic push. The delegation, which included Jared Kushner and special envoy Steve Witkoff, had been due to meet Iranian officials in Islamabad, but Trump said the talks were not worth the travel and could instead take place remotely. The move comes after stalled negotiations and reflects ongoing uncertainty in US-Iran diplomacy, with no new talks scheduled and key disagreements still unresolved.
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3. Netanyahu orders army to ‘vigorously attack’ Hezbollah in Lebanon
Israeli Prime Minister Benjamin Netanyahu has ordered the military to “vigorously” strike Hezbollah targets in Lebanon following repeated rocket and drone attacks that Israel says violated the ceasefire. Israeli forces subsequently carried out airstrikes on Hezbollah positions in southern Lebanon, targeting rocket launch sites and militant infrastructure, with reports of casualties on the ground.
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4. Mali’s Defence Minister Sadio Camara killed amid coordinated attacks
Mali’s Defence Minister Sadio Camara has been killed after his residence in the garrison town of Kati was targeted during a wave of coordinated attacks across the country. The assaults, carried out by armed groups including al-Qaeda-linked militants and Tuareg rebels, hit multiple cities including Bamako, with explosions and heavy gunfire reported at military sites. The killing marks a major escalation in Mali’s security crisis, as authorities continue operations to regain control and respond to one of the largest coordinated offensives in recent years.
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5. Russian defence minister arrives in North Korea on working visit
Russia’s Defence Minister Andrei Belousov has arrived in North Korea on a working visit, where he is expected to hold talks with senior political and military officials. The trip follows a series of recent high-level visits between the two countries, including a visit by Russia’s parliament speaker to attend a ceremony honouring troops involved in the Ukraine war. The visit underscores deepening military and strategic ties between Moscow and Pyongyang, as cooperation continues to expand amid the ongoing conflict in Ukraine.
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