Colombia elected nationalist lawyer Abelardo ​De La Espriella as its new president on Sunday, according to an initial vote count, marking a sharp political turn and ‌bringing a hardline security agenda and market-friendly policies to the fore.

Nicknamed “The Tiger” by his followers, De La Espriella portrayed himself as an anti-establishment savior capable of reviving Colombia’s ailing economy and restoring order in a country rattled by illegal armed groups and drug trafficking.

De La Espriella began gaining popularity early in the year with ​his tough-on-crime discourse. He pulled off a victory in the first round in late May with 43.7% of the vote and ​then beat leftist senator Ivan Cepeda in the runoff with 49.66% to Cepeda’s 48.7%, according to the national registrar’s ⁠tally.

De La Espriella, who blames outgoing President Gustavo for Colombia’s economic and security woes, won over a plurality of voters with pledges to reduce the size of ​the state by 40%, broaden the tax base and end peace efforts with armed groups in favor of a hardened military response.

He plans ​to restart oil exploration and allow fracking to nearly double production to 1.3 million barrels per day.

De La Espriella claims to have self-financed his campaign and says his “Defenders of the Homeland” movement grew without support from outside political parties or business groups. Reuters could not independently verify this claim.

Aside from being an attorney, De La ​Espriella has a sprawling business empire that includes wine, rum, clothing and real estate. An investigative journalism outlet, La Silla Vacia, found that ​many of his businesses have been dissolved, are in debt and lost money overall in 2024, with his law firm being his most profitable endeavor. De La ‌Espriella’s campaign ⁠declined to answer La Silla Vacia’s questions about the candidate’s businesses, the outlet said, but later questioned its funding in a public letter. La Silla Vacia rejected allegations of bias.

LUXURY WATCHES ON AN IRON FIST

De La Espriella, 47, used a military salute throughout his campaign despite never having served in the military.

Often seen wearing luxury watches, designer sunglasses and with a well-groomed beard, De La Espriella has drawn comparisons to El Salvador’s ​Nayib Bukele, who calls himself the “world’s ​coolest dictator.”

Bukele has implemented heavy-handed ⁠security policies and mega-prisons that pushed crime rates in El Salvador to among the lowest in Central America and prompted calls for other countries to adopt similar policies. He has detained more than 90,000 people in ​the process, drawing criticism from human rights groups.

De La Espriella denies he is imitating Bukele but has ​proposed 10 mega-prisons ⁠in Colombia.

De La Espriella has also faced criticism for legally representing Alex Saab, who faces charges in the U.S. of laundering money for ousted Venezuelan President Nicolas Maduro. He has also represented people linked to corruption scandals, financial embezzlement and right-wing paramilitaries and says his professional relationships as an attorney ⁠do not ​involve any complicity or crime.

De La Espriella, a married father of four, grew up ​in the Caribbean city of Monteria and is a known singer of the region’s traditional vallenato folk music. A citizen of the United States, Italy and Colombia, De La Espriella ​is set to assume the presidency on August 7.

Thomson Reuters

High-level talks in Switzerland to permanently end the Iran war wrapped up early Monday after a tense start. While top officials left, lower-level teams will stay to detail a new ‘de-confliction cell’ aimed at stopping fighting in Lebanon. The move comes despite President Trump trading sharp threats with Tehran over social media, even as negotiators try to salvage a lasting peace deal over the next 60 days. Follow all the latest developments here:

06:51 AM, 22 June 2026

Iran FM Araghchi says ‘major progress’ in US talks

Iran’s Foreign Minister Abbas Araghchi said Monday there was “major progress” in talks with the United States.

“Pakistani and Qatari mediation has delivered major progress to end Lebanon War,” Araghchi posted on X.

“Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran.”

06:01 AM, 22 June 2026

Brent crude drops to $79 — oil markets mixed as Iran, Israel announce halt of offensive, easing war fears

Oil prices were mixed in Asian trading Monday as markets weighed fresh Middle East de-escalation signals against lingering supply and security risks, with WTI edging up while Brent fell sharply and Murban also slipped, as of 10:33 am Tokyo time on June 22, 2026.

WTI crude was quoted at $75.91 a barrel, up 6 cents or 0.08%.

Brent crude, the global benchmark, stood at $79.71, down 86 cents or 1.07%, while Murban crude was at $73.63, down 30 cents or 0.41%.

The market reaction came after Iran’s military joint command said it was halting offensive operations against Israel, following hours of retaliatory strikes that had raised fears of a broader regional conflict.

05:31 AM, 22 June 2026

Iran, US to set up ‘de-confliction cell’ with Lebanon to stop military operations: mediators

Iran and the United States have agreed to set up a “de-confliction cell” with Lebanon to stop military operations, mediators Pakistan and Qatar said in a joint statement on Monday.

“The parties agreed on the creation of a de-confliction cell, between the parties, the Lebanese Republic and facilitated by the Mediators, to ensure the adherence of the termination of military operations in Lebanon,” the joint statement read.

05:27 AM, 22 June 2026

Iran, US agree roadmap to ‘final deal within 60 days’, lay foundation for immediate commencement of further technical talks: Qatar, Pakistan mediators

Iran and the United States agreed on a roadmap towards reaching a final deal to end the war within 60 days, meditors Pakistan and Qatar said in a joint statement on Monday.

“The High Level Committee has agreed upon a roadmap towards reaching a final deal within 60 days, laying the foundation for the immediate commencement of further technical talks,” the joint statement read.

03:41 AM, 22 June 2026

US-Iran talks expected to continue through the night

The first round of direct US-Iran talks since deal expected to continue through the night. US President Donald Trump, who is not at the talks, had earlier exchanged warnings with Iran’s negotiator over clashes between Israel and Hezbollah in Lebanon.

01:40 AM, 22 June 2026

Egypt, Pakistan, Saudi Arabia, Türkiye affirm US-Iran MoU should ensure security, stability of Gulf region

The foreign ministers of Egypt, Saudi Arabia, Türkiye and Pakistan, emphasised that the US-Iran agreement should take into account the csecurity and stability of countries across the region.

In a joint statement after a consultative meeting held in Cairo, the ministers described it as “a constructive step towards de-escalation and towards ending a conflict which posed significant risks to regional security and stability, as well as to energy markets, international maritime routes, global supply chains, and international trade.” Building on the memorandum of understanding, the ministers emphasised the need for a swift conclusion to the next phase of negotiations to reach “a lasting, verifiable, and mutually acceptable solution” to the remaining issues.

01:13 AM, 22 June 2026

Iraq pressing ahead with plans to export crude oil through Syria

Iraq is pressing ahead with plans to export crude oil through Syria’s Mediterranean coast even as shipping through the Strait of Hormuz gradually returns to normal, underscoring how this year’s Gulf crisis has permanently reshaped energy security calculations across the Middle East.

The move follows the disruption caused by the temporary closure of the Strait of Hormuz during the U.S.-Iran conflict, which exposed Iraq’s heavy dependence on a single maritime chokepoint. Iraqi officials told Reuters that Baghdad intends to maintain the new export corridor through Syria’s port of Baniyas as a permanent alternative rather than merely an emergency contingency.

The decision reflects a broader strategic lesson from the conflict: even if Hormuz is reopened, countries that rely on it are no longer willing to assume the world’s most important oil shipping lane will always remain accessible.

Iraq, the second-largest producer in OPEC, typically exports about 3.6 million barrels of crude oil per day, with roughly 3.4 million barrels traditionally shipped through its southern Gulf terminals connected to the Strait of Hormuz. When the waterway was effectively closed earlier this year, exports slowed sharply and crude inventories accumulated as storage facilities filled.

To reduce that vulnerability, Baghdad is developing an alternative outlet through Syria. Initial crude exports from the Mediterranean port of Baniyas are expected to begin as early as July at around 50,000 barrels per day, while fuel oil is already being trucked across the border for shipment to buyers in Europe and Africa. Syrian authorities are expanding storage and unloading facilities at Baniyas to accommodate higher export volumes.

01:09 AM, 22 June 2026

Iranian military’s joint command said it is halting its offensive operations vs Israel

The Iranian military’s joint command said that it is halting its offensive operations hours after Israel and Iran began trading fire early Monday in retaliatory strikes that threatened to drag the wider Middle East back into a full-scale regional war.

01:07 AM, 22 June 2026

Netanyahu acknowledges halt in fighting with Iran but vows to respond ‘with force’ to future attacks

Israel struck Iran on Monday after being targeted by missiles, while a U.S. military base in Saudi Arabia came under fire in the most serious exchange of hostilities since an April ceasefire, raising the possibility of a return to heavy fighting and complicating mediation efforts to end the war, AP reported.

In a brief statement, Netanyahu said the fighting has stopped “after we hit the terror regime in Tehran.” But he said, “If the terror regime in Iran makes the mistake and returns to attacking us, we will respond with force.”

Netanyahu also said that Israel is continuing to operate against Iran’s ally, the Lebanese militant group Hezbollah, and that Israel “has full right to self-defense and we will exercise it to the full extent necessary.”

GN

Global oil benchmarks tumbled across the board on Monday evening and into Tuesday morning (June 16), as markets are treating the reopening of the Strait of Hormuz as positive news.

Crude oil rates prices are falling from their crisis highs as traders anticipate a gradual recovery in Gulf exports, with WTI crude sliding to $80.75 (-4.9%) and Brent to $83.38 (-4.5%).

Murban crude was down 7% to $76.81 (down $6.21) as of 6.59am Tokyo time on Tuesday.

The broad sell-off comes after reports of a US–Iran de-escalation or preliminary peace framework, including expectations of reduced military confrontation and a possible easing of pressure on maritime flows.

The Strait of Hormuz oil trade chokepoint is no longer effectively closed, and a small but growing number of ships are beginning to cross, prompting traders to rapidly unwound a geopolitical risk premium built up during weeks of conflict in the Middle East.

That shift immediately triggered a repricing of global supply risk.

Updates on the major global crude oil benchmarks:

• WTI & Brent: down ~4–5% (sharp risk-premium unwind)
• Murban & regional Middle East crudes: down ~6–7% (most sensitive to Hormuz risk easing)
• OPEC Basket: down ~6.5% (broad producer basket repricing)
• DME Oman, Indian Basket, Mexican Basket: all down ~5–7% → global spillover decline
• Natural gas: slightly higher (+0.9%) (due to diverging energy market dynamics)

The current price movement shows a pattern, say industry analysts, i.e. the closer the crude benchmark is tied to Middle East flows, the sharper the decline.

GN