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Japan welcomes IEA decision on largest ever oil reserve release
Japan welcomed the decision made by the International Energy Agency (IEA) on Wednesday to implement a collective release totaling 400 million barrels of oil by member countries to address the deterioration in crude oil market conditions resulting from curtailment of crude oil production and exports in the Middle East.
"Ensuring the stable supply of energy, such as the crude oil market, and market stability is of utmost importance for the stability of the global economy, as well as Japan’s economy and Japanese daily lives," said Japanese Foreign Minister Motegi Toshimitsu in a statement.
The Foreign Minister said Japan will continue all diplomatic efforts toward the early de-escalation of the situation in the Middle East, while also continuing to respond in a timely manner to secure a stable energy supply for the world and Japan, in cooperation with relevant international organizations such as the IEA, as well as major consumer and oil-producing countries.
This collective release, Japan said, demonstrates the determination of the IEA member countries to act in solidarity to ensure a stable supply of energy, which underpins people’s daily lives, and to stabilize the market.
1 month ago
G7 backs possible record oil reserve release amid price surge
The Group of Seven (G7) countries on Wednesday expressed support for a collective release of oil from strategic reserves to counter soaring global prices triggered by the US-Israel conflict with Iran.
The G7, in coordination with the International Energy Agency (IEA), is reportedly preparing its largest-ever intervention in the oil market. The conflict has disrupted exports through the Strait of Hormuz, a key channel for one-fifth of the world’s oil supply, and has caused a sharp decline in regional production.
Market reports indicate the IEA may release between 300 and 400 million barrels of oil — more than double the volume released after Russia’s invasion of Ukraine in 2022. Analysts, however, caution that this would cover only three to four days of global demand or roughly two weeks’ normal shipments through the Strait.
Following a meeting with the IEA, G7 energy ministers said in a statement that they “support the implementation of proactive measures, including the use of strategic reserves” to stabilise markets. IEA member countries are required to maintain 90 days’ worth of national oil consumption in reserve for emergencies.
Experts note that reserves are held across multiple locations, including terminals and refineries, and their release does not instantly increase supply. Instead, oil is gradually made available to refineries for distribution, while limited refining capacity may restrict immediate effects.
Former BP strategy chief Nick Butler warned that releasing reserves is a one-time measure, adding, “Once you release them, they don’t exist.” Energy analysts describe the intervention as a short-term solution that may provide relief to markets strained by the conflict in the Middle East.
With inputs from BBC
1 month ago
‘I am no spy’: Lithuanian courier in Russian parcel bomb plot speaks out
A Lithuanian man charged in a Russian-led parcel bomb plot targeting the UK and Poland has spoken publicly for the first time, insisting he had no knowledge of explosives hidden inside the deliveries.
Aleksandr Suranovas, 53, told investigators and journalists that he agreed to post four parcels containing ordinary items like sex toys, body lotion, and massage cushions, believing it was legitimate work offering decent pay. Unknown to him, the parcels contained sophisticated incendiary devices using nitromethane, a high explosive.
The devices, hidden inside cosmetics and cushions, were triggered remotely. Three of the parcels exploded in July 2024 – one at Leipzig airport in Germany, another outside Warsaw in Poland, and one at a DHL warehouse in Birmingham. One device malfunctioned. Fortunately, no one was injured.
Suranovas said he was recruited online by an acquaintance known as “HK,” who communicated via Telegram. He collected the parcels in Vilnius and sent them to addresses in London, Birmingham, and Warsaw using DHL and DPD courier services. Investigators say he was the last link in a chain of operatives coordinated remotely from Russia.
Authorities in Lithuania and Poland have arrested 22 people in connection with the operation, which security officials say was directed by Russian military intelligence, the GRU. Moscow has consistently denied any involvement.
Suranovas, who has been on intensive supervision since his release from custody, admitted he handled the parcels but denied knowing about the explosives. “I would never have agreed to that. I am no spy,” he told the BBC.
Lithuanian security experts warn the case exposes Russia’s increasing use of individuals in Europe for sabotage operations, often recruited through criminal networks or online job offers. “It’s active aggression against our nations,” said Vilmantas Vitkauskas, head of Lithuania’s National Crisis Management Centre.
Investigators noted that other members of the plot, including a young Ukrainian identified as Vladislav Derkavets, were directly involved in preparing the devices. Russia’s strategy, experts say, often relies on unwitting intermediaries to maintain deniability.
The plot, according to Lithuanian authorities, was intended to intimidate countries supporting Ukraine, though the ultimate aim – whether to cause large-scale destruction or sow fear – remains unclear. Some parcels sent later were empty, likely to test new routes.
Suranovas has a prior criminal record related to fraud and theft in Europe, but he insists he was only a courier and had no ties to Russian intelligence. Authorities continue to investigate other operatives allegedly involved in planning similar attacks.
This is the first public account from anyone directly linked to the parcel plot, highlighting how Russia allegedly recruits and uses individuals across Europe to carry out covert sabotage operations.
With inputs from BBC
1 month ago
Iran’s new Supreme Leader Mojtaba Khamenei reportedly injured
Nearly four days have passed since Iran announced Ayatollah Mojtaba Khamenei as its new Supreme Leader, but his location and the details surrounding his appointment remain unclear. He has not appeared publicly, delivered a video message, or issued a written statement. Instead, Iranian state media has relied on archival footage while introducing him to the public.
According to reports from Iran’s state media, the 56-year-old cleric may have been injured during the ongoing US-Israel strikes on Iran, which the Iranian government calls the “Ramadan War.” State television has referred to him as the “Jaanbaz of Ramadan,” a term used for a war veteran who has been wounded.
During broadcasts about his rise to power, state TV anchors described Mojtaba Khamenei as a “jaanbaz,” meaning someone injured by enemy forces during the Ramadan War. However, they provided no further details, increasing speculation about his health and condition, especially as he has not been seen in public since the conflict began.
His possible injuries might explain why he has not addressed the nation in person or through video, though the absence of even a written statement remains puzzling. Despite this, public declarations of loyalty to the new leader continue.
In Tehran, videos show a new mural in the well-known Valiasr Square depicting Mojtaba Khamenei receiving Iran’s flag from his late father, Ali Khamenei, while the founder of the Islamic Republic, Ruhollah Khomeini, looks on. The mural, placed in a location often used for state messaging, appears intended to portray the leadership transition as smooth. However, the father-to-son succession contrasts with the Islamic Republic’s origins in a revolution against monarchy.
On Tuesday, supporters also gathered in Tehran to express their allegiance to the new leader. The rally was reportedly organised after US President Donald Trump suggested that Iran’s new leader should be chosen with his approval.
“We want to show that Iran’s leader is chosen by Iranians themselves,” one protester told RT.
Meanwhile, speculation about Mojtaba Khamenei’s location continues. A US media report claimed that an elite Iranian counterterrorism unit has been assigned to protect him following the assassination of his father.
The unit, known as NOPO — Iran’s black-uniformed Counterterrorism Special Force — has reportedly been deployed to safeguard the new leader, according to Fox News Digital.
Ali Safavi, a member of the Foreign Affairs Committee of the Paris-based National Council of Resistance of Iran (NCRI), told the publication that NOPO would likely now be responsible for Mojtaba Khamenei’s security.
Safavi explained that the force, established in 1991, developed from the 28th Ruhollah Division and is usually responsible for hostage rescue missions rather than protecting Iran’s supreme leader.
For much of his 56-year life, Mojtaba Khamenei has maintained a relatively low public profile in the Islamic Republic while quietly building influence within Iran’s security institutions, religious establishment and business elite.
Now stepping into his father’s role, he faces significant challenges, including ongoing military pressure from the United States and Israel and widespread domestic unrest among Iranians who oppose the ruling system.
The second-eldest son of Ali Khamenei — who was killed in the early hours of the US-Israel strikes on Iran nine days ago — Mojtaba’s rise to power comes at a time when the Islamic Republic faces one of the most serious threats in its nearly 50-year history.
To many critics of the regime, he represents the continuation of policies they have long opposed, including the government’s crackdown on dissent, the killing of protesters and political opponents, and allegations of corruption and cronyism within the country’s economy.
His appointment also signals that Iran’s leadership is unlikely to accept Donald Trump’s demand for surrender and that Mojtaba Khamenei is expected to maintain his father’s hardline policies, prioritising Islamic governance and an anti-US foreign policy. He may also seek revenge for the deaths of his father, mother and wife, who were reportedly killed in the February 28 strikes.
Source: NDTV
1 month ago
Iran launches new attacks on Israel, Gulf nations as Middle East tensions escalate
Iran carried out fresh attacks on Israel and several Gulf nations on Tuesday, continuing to intensify tensions across the Middle East. The ongoing conflict has shaken the region and global markets, pushing oil prices higher and creating economic uncertainty worldwide.
Warning sirens sounded in Dubai and Bahrain as missiles were detected, while Saudi Arabia reported destroying two drones over its oil-rich eastern region. Kuwait’s National Guard also said it intercepted six drones. Later, sirens rang out in Jerusalem, and explosions were heard in Tel Aviv as Israel’s defense systems tried to stop incoming missiles after detecting an Iranian launch.
Iran’s parliament speaker, Mohammad Bagher Qalibaf, said on social media that Iran was not seeking a ceasefire and insisted that the aggressor must be strongly punished to prevent future attacks on the country.
Besides launching missiles and drones toward Israel and U.S. bases in the region, Iran has targeted energy infrastructure. Its control over the Strait of Hormuz has also disrupted oil supply routes, causing oil prices to surge. Brent crude briefly climbed close to $120 per barrel before dropping, though it remained around $90 on Tuesday—about 24% higher than when the conflict began on Feb. 28.
U.S. President Donald Trump attempted to ease concerns that the war might drag on, saying he believed it would be a short-term conflict, despite earlier suggesting it could last a month or more. Meanwhile, Israeli Prime Minister Benjamin Netanyahu stated that Israel would continue its strikes on Iran and suggested that Iranians themselves must ultimately decide to end what he called oppressive rule.
The fighting has disrupted global energy supplies, increased fuel costs, and forced many foreign workers to leave major business centers. Millions of residents have sought shelter as airstrikes hit military facilities, government sites, oil and water infrastructure, hotels, and even a school.
Iran has also effectively halted tanker traffic through the Strait of Hormuz, a crucial shipping route carrying about 20% of the world’s oil. Attacks on commercial ships near the strait have reportedly killed at least seven sailors.
Trump warned that if Iran blocks oil shipments through the strait, the United States would respond with much stronger military action. In response, a spokesperson for Iran’s Revolutionary Guard said Iran itself would decide when the conflict ends.
Iranian officials have indicated they are prepared for a prolonged war. Kamal Kharazi, a senior foreign policy adviser to Iran’s supreme leader, said diplomacy is unlikely unless international pressure forces others to intervene and stop what he described as aggression by the United States and Israel.
In a separate development, five members of Iran’s women’s national soccer team, who were in Australia for a tournament when the conflict began, have been granted asylum there. The players gained attention after refusing to sing Iran’s national anthem before their first match. Australia’s Home Affairs Minister Tony Burke said the women were excited to begin a new life in the country. All 26 players were reportedly offered asylum, though it is unclear whether the rest of the team will remain.
The conflict has also spread to neighboring countries. Israel has launched attacks on Hezbollah positions in Lebanon, while the Iran-backed group has fired missiles into Israel. In Iraq, pro-Iran militias have targeted U.S. bases since the war began.
Early Tuesday, an airstrike hit the 40th Brigade of the Popular Mobilization Forces in Kirkuk, killing at least five fighters and injuring four others. Officials did not immediately say who carried out the attack.
Israel also announced a series of strikes against Hezbollah’s financial network, including the group’s al-Qard al-Hasan organization, which Israel says helps fund Hezbollah’s military operations. The Israeli military again urged residents in southern Lebanon to evacuate, saying it planned stronger operations against the group.
Since the conflict started, officials report that at least 1,230 people have died in Iran, 397 in Lebanon, and 11 in Israel. Seven U.S. service members have also been killed.
Global financial markets, which have been volatile due to the conflict, showed some recovery in Asia on Tuesday following late optimism in the United States.
Meanwhile, Saudi Arabia’s state oil giant Aramco reported profits of $104 billion for 2025, down from $110 billion the previous year. The company said its annual revenue also fell to $445 billion from $480 billion in 2024.
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India allowed Iranian warship to dock before US sank it
India allowed an Iranian naval vessel to seek shelter at its ports just days before the ship was sunk by a US submarine during the ongoing war involving the United States and Iran, officials said.
India’s External Affairs Minister S. Jaishankar told parliament that Iran had requested permission on Feb 28 for three of its naval ships to dock at Indian ports. The request came on the same day the United States and Israel launched coordinated military operations against Iran.
He said India granted the request on March 1.
The three Iranian vessels — IRIS Dena, IRIS Bushehr and IRIS Lavan — had earlier participated in a multinational naval exercise hosted by India in the coastal city of Visakhapatnam between Feb 15 and Feb 25.
After leaving Indian waters on Feb 25, the ships were believed to have been sailing in international waters when hostilities between the US, Israel and Iran intensified.
Jaishankar said only one of the vessels eventually reached India.
“IRIS Lavan actually docked on 4 March in Kochi. The crew is currently in Indian naval facilities. We believe that this was the right thing to do,” he told lawmakers.
The situation gained international attention after IRIS Dena was struck by a torpedo fired from a US submarine on March 4, causing the warship to sink in international waters off the southern coast of Sri Lanka.
At least 87 sailors were reported killed in the attack, which involved a vessel carrying around 130 crew members.
According to the Indian Navy, the warship was operating about 20 nautical miles west of Galle when it was hit. The location falls within Sri Lanka’s designated search-and-rescue zone.
The strike marked the first military attack outside the Middle East since the US and Israel launched their campaign against Iran, significantly widening the scope of the conflict.
Iran strongly condemned the incident. Iranian Foreign Minister Abbas Araghchi said the United States had carried out an “atrocity at sea” about 2,000 miles from Iran’s shores and accused Washington of attacking the ship without warning in international waters.
Meanwhile, Sri Lanka later confirmed that it had granted sanctuary to IRIS Bushehr on March 5 after the vessel requested permission to dock due to an engine malfunction.
The United States has highlighted the attack as a demonstration of its naval capability. US Defence Secretary Pete Hegseth said the strike represented the first time since World War II that an American submarine had sunk an enemy ship using a torpedo.
Military analysts noted, however, that while it may be the first such incident involving the United States since 1945, other countries — including the United Kingdom and Pakistan — have used torpedoes to sink vessels in conflicts since then.
IRIS Dena was among roughly 20 Iranian naval vessels reportedly destroyed since US and Israeli forces began coordinated strikes against Iran in the escalating regional conflict.
With inputs from BBC
1 month ago
Ready to help de-escalate situation in Middle East: EU Leaders
European Union (EU) leaders said on Monday that the bloc was ready to play a role in easing tensions in the Middle East, calling for de-escalation and a return to negotiations.
The EU stands ready to "contribute in every possible way to help de-escalate the situation and facilitate the return to the negotiating table," European Council President Antonio Costa and European Commission President Ursula von der Leyen said in a statement following a video conference with leaders from the region.
They added that dialogue and diplomacy remain "the only viable way forward."
Von der Leyen and Costa also reaffirmed the EU's commitment to regional stability in the Middle East, calling for the protection of civilians and full respect for international law, international humanitarian law and the principles of the United Nations Charter, according to the statement.
1 month ago
Ending war with Iran to be ‘mutual’ decision with Netanyahu: Trump
US President Donald Trump said the decision on when to end the war with Iran will be a “mutual” one taken together with Benjamin Netanyahu.
Speaking in a phone interview, Trump said he and the Israeli prime minister had “been talking,” adding that he would “make a decision at the right time”.
When asked whether Israel could continue the war against Iran if the United States decided to stop its strikes, Trump dismissed the scenario, saying: “I don't think its going to be necessary”.
Trump also declined to comment on reports that Mojtaba Khamenei had been named the country’s new supreme leader, saying: “We'll see what happens”, according to a report by The Times of Israel.
He has previously expressed opposition to Mojtaba’s leadership, saying: “Khamenei's son is unacceptable to me”.
Source: BBC
1 month ago
Trump declines to comment on Mojtaba Khamenei appointment; Lindsey Graham criticises move
Trump declines to comment on Mojtaba Khamenei appointment; Lindsey Graham criticises move
US President Donald Trump has declined to comment on Iran’s reported appointment of Mojtaba Khamenei, saying only “we’ll see what happens” when asked about the development in an interview, according to The Times of Israel.
Trump also indicated that any decision regarding ending the conflict with Iran would be taken jointly with Israeli Prime Minister Benjamin Netanyahu.
“I think it’s mutual… a little bit. We’ve been talking. I’ll make a decision at the right time, but everything will be taken into account,” the Israeli news outlet quoted Trump as saying.
During the interview, Trump also urged Israeli President Isaac Herzog to grant a pardon to Netanyahu, who is currently facing corruption charges.
Referring to the Israeli prime minister by his nickname “Bibi,” Trump said Netanyahu should be pardoned immediately so he could focus on the war rather than the ongoing legal case. He criticised Herzog for not granting the pardon.
Separately, US Senator Lindsey Graham criticised Iran’s decision to choose Mojtaba Khamenei as successor to his slain father, Ali Khamenei, saying the move does not represent the change the United States wants to see, reports Al Jazeera .
Posting on the social platform X, the Republican senator from South Carolina said he believes it is only a matter of time before Mojtaba meets the same fate as his father.
Graham has consistently advocated for stronger military action against Iran. A recent report by The Wall Street Journal said he had advised Netanyahu on how to persuade Trump to take action against Tehran.
1 month ago
Week of War: US-Israel strikes on Iran spread across region
One week after the United States and Israel launched a large-scale military offensive against Iran, the conflict has quickly spread across the Middle East, with strikes targeting nuclear facilities, military bases and senior leadership sites inside Iran.
The fighting has already killed nearly 1,400 people, according to Iranian emergency authorities and media reports, after waves of airstrikes and missile attacks across the country.
Iran responded with ballistic missiles and attack drones targeting Israel and US interests across the region, with Gulf states bearing the brunt of the retaliation as missiles and drones were intercepted over countries including the UAE, Qatar, Saudi Arabia, Bahrain, Kuwait and Jordan.
Iranian President Masoud Pezeshkian said Tehran would not target neighbouring Gulf countries, unless attacks originated from those nations, and apologised for earlier attacks, but missile and drone strikes in the Gulf continued as the conflict intensified.
The conflict has also spilled into key shipping lanes and energy infrastructure, raising fears of wider economic disruption.
A rift between more pragmatic politicians looking to de-escalate the week-old war and others committed to battling the United States and Israel could complicate efforts to end the fighting. Conflicting statements involved two of the three members of the leadership council overseeing Iran since Supreme Leader Ayatollah Ali Khamenei was killed in the war's opening airstrikes.
Meanwhile, U.S. President Donald Trump threatened that Iran would be “hit very hard" and more “areas and groups of people” would become targets, without elaborating. Already, the conflict has rattled global markets and left Iran’s leadership weakened by hundreds of Israeli and American airstrikes.
Along with his apology, Iranian President Masoud Pezeshkian dismissed Trump’s call for Tehran to surrender unconditionally, saying: “That’s a dream that they should take to their grave.”
Pezeshkian's message, seemingly filmed in a hurry, underlined the limited powers exercised by the theocracy's leaders over the paramilitary Revolutionary Guard, which controls the hundreds of ballistic missiles targeting Israel and other countries. It answered only to Khamenei and appears to be picking its own targets.
Earlier, a wave of missiles and drones had disrupted flights at Dubai International Airport, targeted a major Saudi oil facility and sent people fleeing for cover in Bahrain.
And several hours after Pezeshkian’s apology, the United Arab Emirates, Qatar and Bahrain were still sounding alerts or reporting intercepted missiles.
U.S. allies in the Gulf have said the Trump administration did not give them adequate time to prepare for the war.
Iran makes varying statements on attacks
Pezeshkian’s statement said Iran's leadership council had been in touch with the armed forces over the attacks.
“I should apologize to the neighboring countries that were attacked by Iran, on my own behalf,” he said. “From now on, they should not attack neighboring countries or fire missiles at them, unless we are attacked by those countries. I think we should solve this through diplomacy.”
The U.S. strikes haven’t been coming from the Gulf Arab governments under attack, but from U.S. bases and vessels in the region.
But hard-line judiciary chief Gholam Hossein Mohseni-Ejei, another member of the three-man leadership council, suggested that war strategy will not change.
“The geography of some countries in the region — both overtly and covertly — is in the hands of the enemy, and those points are used against our country in acts of aggression. Intense attacks on these targets will continue,” he posted on X.
“As long as the presence of U.S. bases in the region continue, the countries will not enjoy peace,” Iran’s Parliament speaker and a former Revolutionary Guard general, Mohammad Bagher Ghalibaf, said on X. He called defense policies in line with the late supreme leader’s guidance.
Iran's U.N. mission later suggested, without offering evidence, that strikes on nonmilitary sites “may have resulted from interception by U.S. electronic defense systems.”
Iran's next supreme leader is yet to be named. Prominent cleric Ayatollah Nasser Makarem Shirazi urged Iran's Assembly of Experts responsible for that decision to act quickly.
US says more intense bombing lies ahead
The Trump administration approved a new $151 million arms sale to Israel after Trump said he would not negotiate with Iran without its “unconditional surrender” and U.S. officials warned of a bombing campaign they said would be the most intense yet.
Associated Press video showed explosions over western Tehran as Israel said it carried out another wave of strikes and struck a Tehran airport it said was used to transfer weapons and cash to militant groups.
“Tehran is under severe bombardment" and even people far from military and government targets are living in fear, said a university student in western Tehran, speaking on condition of anonymity for security concerns.
The U.S. and Israel have battered Iran, targeting its military capabilities, leadership and nuclear program. The war's stated goals and timelines have repeatedly shifted as the U.S. has at times suggested it seeks to topple Iran’s government or elevate new leadership from within.
The fighting has killed at least 1,230 people in Iran, more than 290 in Lebanon and 11 in Israel, according to officials in those countries. Six U.S. troops have been killed.
Incoming missiles from Iran had people heading to bomb shelters again across Israel. There were no immediate reports of casualties.
Strikes target Bahrain, Saudi Arabia and Dubai
Sirens sounded early Saturday in Bahrain as Iran targeted the island kingdom. Saudi Arabia said it destroyed drones headed toward its vast Shaybah oil field and shot down a ballistic missile launched toward Prince Sultan Air Base, which hosts U.S. forces.
In Dubai, several blasts were heard Saturday morning and the government said it had activated air defenses. Passengers waiting for flights at Dubai International Airport were ushered into train tunnels.
Long-haul carrier Emirates later said all flights to and from Dubai were suspended until further notice, but then said it would resume operations.
Fighting in Lebanon kills dozens
The Iranian-backed militant group Hezbollah said its fighters clashed with an Israeli force that landed late Friday in eastern Lebanon's mountains, and intense clashes and airstrikes lasted into Saturday.
Lebanon’s Health Ministry said Israeli airstrikes on Nabi Chit and nearby areas left at least 41 people dead and 40 wounded. The Lebanese army said the dead included three of its troops.
Israel did not acknowledge the fighting, and its military did not immediately respond to requests for comment.
Israel also has carried out waves of airstrikes on Beirut's southern suburbs, where Hezbollah has a large presence. It is home to hundreds of thousands of civilians.
Iranian naval vessel has docked in India
India’s foreign minister said Saturday that an Iranian naval vessel has docked in India, speaking after a U.S. submarine sank the Iranian warship IRIS Dena off Sri Lanka’s coast Wednesday.
Subrahmanyam Jaishankar said the IRIS Lavan was moored in the southern city of Kochi after India granted permission when the vessel reported “having problems” Sunday, a day after the war began.
“I think it was the humane thing to do,” Jaishankar said.
Another Iranian vessel, the IRIS Bushehr, requested assistance from Sri Lanka. The ships previously took part in naval exercises hosted by India.
#With inputs from agencies
1 month ago