Countries agreed to release 400 million barrels of emergency oil reserves. The unanimous decision by the 32 members of the International Energy Agency, the largest coordinated oil release in the group鈥檚 history, aims to ease shortages and rising prices caused by the U.S.-Israeli war with Iran. Ship traffic through the Strait of Hormuz, a route that normally carries about 20% of the world鈥檚 oil shipments, has nearly stopped, worsening the disruption. Officials say the move might help markets in the short term, but restoring shipping through the strait is key to stabilizing global oil supplies. (See today鈥檚 story on another effect of Hormuz disruption.)
Our coverage: Will war end soon? Oil prices and stocks swing with the shifting signals.
Canadian authorities boosted security around the U.S. Consulate in Toronto. No injuries were reported after gunmen fired at the building in Canada鈥檚 largest city earlier this week, but it鈥檚 been dubbed a 鈥渘ational security incident.鈥 The shooting comes as conflict in the Middle East has polarized Canadian society, and as anger has mounted in Canada over President Donald Trump鈥檚 tariffs and threats to Canadian sovereignty. Prime Minister Mark Carney had stoked controversy by publicly supporting U.S. and Israeli airstrikes on Iran; on Tuesday, he said Canada would 鈥渘ever participate鈥 in the war.
Southeast Asian governments seek to reduce financial fallout from the Middle East conflict. Many countries in the region are heavily dependent on oil and gas imports. Thailand told government staff to work from home, while the Philippines cautioned officials to avoid all nonessential travel to conserve energy resources, according to the Financial Times. The Vietnamese government asked companies to have employees work remotely and for the public to carpool or cycle whenever possible. Indonesia is considering boosting federal fuel subsidies to help bring down soaring oil and gas prices.
Soldiers have been deployed in Johannesburg to address organized crime. The move comes after President Cyril Ramaphosa鈥檚 speech to the nation last month, when he said 鈥淥rganized crime is now the most immediate threat鈥 to South Africa鈥檚 democracy and vowed to send the army to the streets. The army will operate under police command during the deployment in Johannesburg, focused on fighting gang violence and illegal mining.
鈥 Compiled by Monitor writers around the world