Diplomatic movement and political transitions across Iran, Lebanon, the UK and Colombia

Off Leash update 22 June 2026

COMING UP THIS WEEK •Tomorrow is the 10th anniversary of the UK's vote to leave the European Union. Economists estimate that Brexit lowered UK per capita GDP by at least 2.5% - and perhaps as much as 8.0% - without the drastic deregulation that free market Brexiteers promised would compensate for the output shortfall. Only 11% of Britons now say Brexit has made their lives better, while 43% say their lives are now worse for leaving the EU. •The World Economic Forum hosts its 17th Annual Meeting of the New Champions (aka "Summer Davos") in Dalian, China tomorrow through Thursday.

COMMODITY AND COIN MARKET PRICES •Aluminum: $3,397/ton •Antimony (global avg.): $34,397/ton •Bitcoin: $64,062 •Cobalt: $56,290/ton •Copper: $13,595/ton •Ethereum: $1,746 •Gold: $4,197/toz •Lead: $1,954/ton •Natural Gas (Nymex): $3.33/MMbtu •WTI Crude Oil (Nymex): $75.31/barrel •Zinc: $3,557/ton

IRAN •After a brief posturing delay, U.S. and Iranian negotiators sat down in Switzerland for the first day of talks towards a lasting peace deal. •The discussions ran late into the night, and Qatari and Pakistani mediators said the two sides had made "encouraging progress" on persistent sore points like reopening the Strait of Hormuz and ending Israel's war in Lebanon, but it seemed like that progress was limited to agreeing on how to talk about the touchy topics - not actually resolving any big differences.

LEBANON •Israeli Prime Minister Netanyahu is trying to thread the needle between his hardline coalition partners - who want Israeli forces to keep striking Lebanon until the very last Hezbollah militant is dead - and Pres. Trump's pressure to end the war in Lebanon for the sake of a U.S.-Iran peace deal that Netanyahu despises. •At Trump's behest, Netanyahu agreed to restrict Israel's military to defensive actions in Lebanon, and the fragile detente appears to be holding - for now. No new strikes have been reported since the order. •That said, hawkish Israeli officials like Defense Minister Israel Katz are already stress-testing the truce by arguing that essentially all Israeli operations in Lebanon are - and always were - defensive in nature.

UK •Embattled British Prime Minister Sir Keir Starmer finally gave in to rising calls for him to quit and tendered his resignation as the leader of the UK's Labour Party - and thus (in September) as PM. •Starmer's resignation kicks off the process to elect a new party leader, starting with a nomination period opening July 9. Labour's new leader will be named by the time parliament returns in September, at which point Starmer will hand the PM role over to his successor. •Former Greater Manchester Mayor Andy Burnham has emerged as a leading contender to lead the Labour party, and his election to parliament last week makes him eligible to run.

COLOMBIA •Conservative candidate Abelardo De La Espriella won Colombia's presidential election yesterday, with a razor-thin margin of just 1% over leftist continuity candidate Iván Cepeda. •De La Esprialla is a criminal defense lawyer with no previous political experience. That probably endeared him to Colombian voters feeling dissatisfied with incumbent leftist President Gustavo Petro's achievements.