International
IEA agrees to release record 400 million barrels of oil to address Iran war supply disruptions
The IEA did not set out a timeline for when the stocks would hit the market
Merchant ship on fire hits by Iran in Strait of Hormuz.
The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization’s history.
The IEA did not set out a timeline for when the stocks would hit the market.
It said that the reserves would be released over a time frame that is appropriate to the circumstances of each of its 32 member countries.
IEA members are primarily advanced economies in Europe, North America and northeast Asia. The organization is tasked with maintaining global energy security.
It was founded in 1974 in response to the oil embargo imposed by Arab producers over U.S. support for Israel during the 1973 Arab-Israeli war.
(CNBC)
International
BREAKING: Trump, Wife Narrowly Escape Assassination (Video)
.…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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International
Japan opens door to global arms market with overhaul of defence export rules
“No single country can now protect its own peace and security alone, and partner countries that support each other in terms of defence equipment are necessary,” Japanese Prime Minister Sanae Takaichi said in a post on X.
Japan’s old warship / Reuters image
Japan on Tuesday unveiled its biggest overhaul of defence export rules in decades, scrapping restrictions on overseas arms sales and opening the way for exports of warships, missiles and other weapons.
According to Reuters, the move aimed at strengthening Japan’s defence industrial base marks another step away from the pacifist restraints that have shaped its postwar security policy.
Wars in Ukraine and the Middle East are also straining U.S. weapons production, expanding opportunities for Japan.
At the same time, U.S. allies in Europe and Asia are looking to diversify suppliers as Washington’s long-held security commitments look less certain under President Donald Trump.
“No single country can now protect its own peace and security alone, and partner countries that support each other in terms of defence equipment are necessary,” Japanese Prime Minister Sanae Takaichi said in a post on X.
The revision approved by Takaichi’s government removes five export categories that had limited most military exports to rescue, transport, warning, surveillance and mine-sweeping equipment.
Ministers and officials will instead assess the merits of each proposed sale.
Japan will keep in place three export principles that commit it to strict screening, controls on transfers to third countries and a ban on sales to countries involved in conflict.
But in a presentation outlining the changes, the government said exceptions could be made when deemed necessary for national security.
International
South Korea Successfully Navigates First Oil Tanker Through Red Sea Amid Strait of Hormuz Blockade
A South Korean oil tanker has safely transited the Red Sea, marking the country’s first successful crude oil shipment via this alternative route since the effective closure of the Strait of Hormuz earlier this year.
The development comes as South Korea intensifies efforts to secure its energy supplies amid ongoing geopolitical tensions and the blockade of one of the world’s most vital oil chokepoints, triggered by the prolonged conflict involving Iran.
According to the Ministry of Oceans and Fisheries, the tanker, which loaded crude oil at Yanbu port in Saudi Arabia on the Red Sea, has now exited the waterway. President Lee Jae-myung welcomed the news, describing it as a positive step for the nation’s energy security.
“It is good news that our vessel is transporting crude oil via the Red Sea for the first time since the blockade of the Strait of Hormuz,” President Lee posted on social media, commending officials and the crew for their efforts.
The move forms part of a broader strategy to diversify import routes and reduce reliance on the blocked Strait of Hormuz.
South Korea has already secured more than 270 million barrels (approximately 273 million barrels according to some reports) of crude oil and naphtha from the Middle East and Kazakhstan through alternative channels unaffected by the crisis.
These supplies are expected to sustain the country’s needs for several months.
Officials noted that the government plans to deploy additional Korean-flagged vessels to the Red Sea port of Yanbu in phases to further stabilise imports, despite risks such as potential threats from Houthi rebels in the region.
The successful transit highlights growing global shifts in energy logistics, as import-dependent nations adapt to disruptions in traditional shipping routes caused by the ongoing Middle East conflict.
South Korea, which relies heavily on Middle Eastern oil, continues to explore bypass options, including discussions on alternative pipelines and storage facilities, to ensure uninterrupted energy flows and protect its economy from volatility.
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