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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

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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.

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International

South Africa Anti-Immigration Peaceful Protests To Continue Weekly Till Demands Are Met

A senior reporter, Channel, Africa, Nhlanhla Mahlangu, reported that the anti-immigration protests held across several South African cities remained largely peaceful despite isolated incidents of violence and attempted looting.

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The organisers of South Africa anti-immigrant protest have announced that come next week, from Thursday, every Thursday, they will be taking to the streets until the government heeds to their call and ensure that all undocumented nationals leave the country.

A senior reporter, Channel, Africa, Nhlanhla Mahlangu, reported that the anti-immigration protests held across several South African cities remained largely peaceful despite isolated incidents of violence and attempted looting.

She also revealed that organisers intend to continue with weekly demonstrations from next Thursday until their demands are met.

Mahlangu further reported that an inter-ministerial committee comprising ministers within South Africa’s security cluster commended the largely peaceful conduct of the protests while condemning isolated incidents of violence reported across the country.

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Cut Petrol Prices Now, Trump orders Retailers

Trump warned that his administration would not tolerate price gouging, describing the practice as illegal and cautioning retailers that those who ignore the call to lower prices could face “big problems

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United States President Donald Trump has directed gasoline retailers across the country to reduce pump prices without delay.

Trump issued the directive in a post on his Truth Social platform, accusing fuel retailers of keeping prices unnecessarily high despite crude oil trading at about $68 per barrel.

“Gasoline retailers must get their prices down immediately”, the president declared, urging companies to “do what they know is right” by passing lower costs on to consumers.”

He argued that declining global crude oil prices should translate into immediate relief for American motorists.

Trump warned that his administration would not tolerate price gouging, describing the practice as illegal and cautioning retailers that those who ignore the call to lower prices could face “big problems.”

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JUST IN: Third Batch of Evacuated Nigerians from SA Arrives in Lagos Amid Xenophobia Fears

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A fresh group of Nigerians evacuated from South Africa has landed safely in Lagos as the Federal Government continues its voluntary repatriation exercise amid heightened anti-immigrant tensions in the country.

The Air Peace flight carrying approximately 271 returnees touched down at the Murtala Muhammed International Airport (MMIA) in Lagos on Tuesday morning, shortly before 11 a.m. This marks the third major batch in the ongoing operation.

Officials from the National Emergency Management Agency (NEMA), Nigeria Immigration Service (NIS), Nigerians in Diaspora Commission (NiDCOM), and other relevant agencies were on ground to receive the evacuees, who will undergo documentation, profiling, and medical checks before reintegration support.

The latest flight departed Johannesburg late Monday night / early Tuesday, following an earlier departure from Nigeria. It forms part of President Bola Tinubu administration’s efforts to ensure the safety and welfare of citizens choosing to return home voluntarily.

Prior batches included around 258-268 returnees who arrived on June 11 and 66 more on June 25, bringing the cumulative total to over 500 before today’s arrival. The government has indicated plans for additional flights to accommodate more registered Nigerians wishing to leave South Africa.

The evacuations come ahead of and in response to planned anti-migrant protests in South Africa on June 30, with reports of over 15,000 Nigerians still potentially interested in returning amid fears of xenophobic attacks, looting, and harassment.

The Ministry of Foreign Affairs has urged remaining Nigerians in South Africa to stay vigilant, maintain contact with the Nigerian High Commission, and take advantage of available evacuation support where needed. Officials continue to monitor the situation closely while providing consular assistance.

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