Key development: The emergency oil release is larger than the G7’s announced figure: the G7 announced 100 million barrels, while the IEA reports 325 million barrels already released and another 75 million still to come, as supplies are squeezed by Iran’s restrictions on shipping through the Strait of Hormuz.
Economy
(Update) The G7 announced a 100-million-barrel emergency release, while the IEA reports 325 million barrels already released — more than triple the announced figure. The release comes amid supply pressure from Iran’s restrictions on shipping through the Strait of Hormuz. (Euronews)
Context: G7 leaders agreed on Friday to release 100 million barrels of diesel and crude after US pressure on Europe. The IEA now reports that 325 million barrels have actually been released, with 75 million more still to come. The announced figure was 100 million; the reported drawdown is far larger.
Sources: Euronews
International
Portuguese prosecutors are looking into whether the US was allowed to use its Azores air base for the Iran war. Lajes is a transatlantic refueling stop for US KC-46 tankers, and the probe concerns its use in the Iran campaign. (Jerusalem Post)
Context: The base on Terceira island has hosted a rotating US tanker presence, including KC-46 Pegasus refuelers and a Navy P-8 Poseidon. A longstanding agreement allows Washington to use the base without prior authorization during peacetime but requires Portuguese approval once hostilities begin. Portugal’s prosecutors are probing the legality of that use in connection with the Iran campaign.
Sources: Jerusalem Post
What to watch: Whether other countries hosting US bases raise similar legal questions about whether host-country approval is required during hostilities.