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Global energy body plans to release strategic oil reserves

IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.

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° An oil tanker unloads crude oil at a terminal at the port in Qingdao, in China’s eastern Shandong province on March 10, 2026. (Photo by CN-STR / AFP) / China OUT / CHINA OUT

G7 Energy Ministers met today, at the International Energy Agency (IEA) headquarters in Paris and discussed the situation in global oil and gas markets, which have been significantly affected by the conflict in the Middle East.

Following the assessment of the crisis, they want to make emergency stocks of their oil reserves available to the global market in order to ease the supply disruptions.

IEA Executive Director Fatih Birol , disclosed this in a statement after the meeting .

IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.

About 100 million barrels of oil are consumed globally every day.

The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.

“In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market,” he said.

“I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to ,” Birol added.

He said the G7 meeting addressed “all the available options, including making IEA emergency oil stocks available to the market”.

Italy’s Environment and Energy Minister Gilberto Pichetto Fratin said that regarding the closure of the Strait of Hormuz, “countries have committed to showing solidarity by using stockpiled reserves in order to compensate for the lack of availability at the global level.”

Crude prices have seen sharp fluctuations due to supply disruptions, jumping 30 percent on Monday to nearly $120 per barrel before retreating later that day.

They fell further on Tuesday, reassured by US President Donald Trump stating Monday that the US-Israel war on Iran was “going to be ended soon”.

Nevertheless risks remain, with Iran vowing earlier Tuesday that not one litre of oil would be exported from the Gulf while the United States and Israel press ahead with their bombardment of the country.

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International

Ugandan govt detains 62 Nigerians for ‘operating church without work permits’

Simon Peter Mundeyi, spokesperson for the country’s ministry of internal affairs, said the Nigerians often pose as gospel preachers and engage in other illegal activities.

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Photo of the detained Nigerian preachers ( NCIC/X)

The Ugandan government has detained 62 Nigerians for “illegally operating” a church, as well as living and working in the country without valid permits.

In a statement posted on its X handle on Wednesday, the Ugandan national citizenship and immigration control (NCIC), said that the arrest followed a tip-off after learning that the individuals were operating illegally without the required permits.

“Following a tip-off, our enforcement team has arrested 62 Nigerian nationals operating illegally in Adjumani (without work permits),” the statement reads.

The group, primarily found operating a church among other things, is now being processed for prosecution under Uganda’s immigration.

Simon Peter Mundeyi, spokesperson for the country’s ministry of internal affairs, said the Nigerians often pose as gospel preachers and engage in other illegal activities.

He added that they are currently being held at the ministry’s Namanve facility, where they are undergoing legal processes that could result in deportation, fines, or blacklisting.

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International

US war in Iran has cost $25 billion so far, says Pentagon official

Jules Hurst, who is performing the duties of the comptroller, told lawmakers on the House Armed Services Committee that most of that money was for munitions.

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The United States’ war in Iran has cost $25 billion so far, a senior Pentagon official said on Wednesday, providing the first official estimate of the military’s ‌price tag for the conflict.

With just six months before midterm elections in which President Donald Trump’s Republicans may face an uphill battle to keep their House majority, Democrats are riding high in public opinion polls as they attempt to link the unpopular Iran war with affordability.

Jules Hurst, who is performing the duties of the comptroller, told lawmakers on the House Armed Services Committee that most of that money was for munitions.

Hurst did not detail what that cost estimate included and whether it took into account the projected costs of rebuilding and repairing ⁠base infrastructure in the Middle East damaged in the conflict.

Rep. Adam Smith, the top Democrat on the House Armed Services Committee, responded to Hurst: “I’m glad you answered that question. Because we’ve been asking for a hell of a long time, and no one’s given us the number.”

(Reuters)

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International

BREAKING: Trump, Wife Narrowly Escape Assassination (Video)

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.…as gunman invades dinner party venue. US secret service begins probes

The United States Secret Service has launched an investigation into a shooting incident that occurred in Washington during the annual White House Correspondents’ Dinner at the Washington Hilton.

In a statement, the agency said it is working with the Metropolitan Police Department to determine the circumstances of the incident, which occurred near a security screening area.

The shooting was reported close to the main magnetometer checkpoint used to screen guests, prompting an immediate response from law enforcement officers on duty.

The Chief of Communications, United States Secret Service, Anthony Guglielmi, on its X handle today, confirmed that all protected individuals, including the president and first lady, were safe following the incident.

One suspect has been taken into custody, while authorities continue to assess the condition of those involved.Guglielmi said teams are on the ground actively investigating and gathering information, adding that updates will be provided as more details are confirmed.

The Suspects.

“We will provide updates as they become available and confirm information. Our teams are on the ground assessing the situation and investigating. All of our protectees are safe,” he added.

The incident has raised fresh concerns about security at major public events in the US capital, with authorities expected to review procedures as the investigation continues.

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