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- Japan on Monday started to release oil from private-sector stockpiles to stabilize supply. The move comes as the Iran conflict disrupts tanker traffic from the Middle East, which supplies most of Japan’s oil. The fuel released amounts to 15 days of consumption. Oil-related companies in Japan hold reserves equivalent to 70 days. The government has a separate stockpile and is expected to release one month of supply later in March.
- Benchmark WTI crude oil futures topped 100 dollars per barrel in New York trading again on Sunday. Concerns are growing that the de facto shutdown of the Strait of Hormuz could be prolonged, disrupting global oil supplies. The United States has struck Iran’s largest oil export hub amid intensifying fighting in the Middle East.
- The Japanese defense chief has told his US counterpart that maintaining peace and stability in the Strait of Hormuz and other parts of the Middle East is critically important to Japan and the international community. They have agreed to maintain close communication. Japanese Defense Minister Koizumi Shinjiro received an overview from US Defense Secretary Pete Hegseth about the latest developments and outlook concerning the situation in the Middle East.
- Mojtaba Khamenei has released his first statement since taking over as supreme leader of Iran. He vowed revenge on the US and Israel, and he said the Strait of Hormuz will remain closed to shipping as a “tool to pressure the enemy.”
- An inquiry commission of the UN Human Rights Council has found that Russian authorities carried out “widespread and systematic” deportations of Ukrainian children, which amounts to “crimes against humanity.” The Ukrainian government claims Russia has forcibly removed more than 19,000 children from the country.
- A driver has rammed a vehicle into a synagogue in the Midwestern US state of Michigan, injuring a security guard. Reports say it may have been loaded with explosives.
- Crude prices remained high even after the International Energy Agency’s move to release a record amount of oil reserves. Benchmark WTI futures briefly fell to around 82 dollars a barrel on Wednesday in New York following the announcement. But prices soon bounced back. Oil futures at one point rose to over 94 dollars a barrel.
- France, the current chair of the Group of Seven nations, says G7 leaders are exploring the possibility of providing escorts for ships in the Middle East. This comes as the Strait of Hormuz remains effectively blocked. A statement released by France says the G7 leaders discussed the economic consequences of “the war in the Middle East” and agreed to coordinate efforts to prepare for the restoration of freedom of navigation in the region.
- The New York Times says a preliminary investigation shows that the US military mistakenly targeted a school in southern Iran based on outdated data. The attack reportedly killed more than 160 people.
- Wednesday marks 15 years since the Great East Japan Earthquake and Tsunami. People across Japan are observing a moment of silence at 2:46 p.m., the exact time when the quake struck off the country’s northeastern coast. This triggered tsunami that swept across the region.
- East Japan Railway is raising its fares for the first time in nearly 40 years. Ticket prices will rise from Saturday by an average of 7.1 percent. This is JR East’s first across-the-board price hike since its founding in 1987, not including adjustments to keep up with the consumption tax.
- The International Energy Agency is reportedly proposing the largest release of crude oil reserves in its history to reduce energy prices. Oil prices surged earlier this week amid the hostilities in the Middle East. The Wall Street Journal says the IEA’s 32 member nations are expected to decide whether to approve the proposal on Wednesday.
- Moody’s Analytics chief economist Mark Zandi has provided his take on crude-oil futures remaining at the current high range of 85 to 90 dollars per barrel. He says global GDP expansion could drop by up to 0.4 percentage points in the coming year.
- Japan’s government is considering utility subsidies to help smaller companies and households amid a higher energy-price outlook. That’s due to the elevated futures prices for crude oil and natural gas.
- Canadian Prime Minister Mark Carney says the world is “more divided,” and “more dangerous.” But he wants to ensure his country can still prosper. He believes likeminded “middle powers” including Japan have much to gain by strengthening ties.
- Iran’s clerical leadership has chosen Mojtaba Khamenei, the second son of the former supreme leader, as the country’s new top leader. The Assembly of Experts chose Mojtaba Khamenei for the post on Sunday after his father Ayatollah Ali Khamenei was killed in US-Israeli military attacks.
- The Financial Times has reported that G7 nations will hold an emergency meeting to discuss a possible joint release of petroleum reserves in response to the surge in oil prices due to the situation in Iran.
- Japan’s Foreign Minister Motegi Toshimitsu says the government will help all Japanese nationals in the Middle East who want to return to Japan. Motegi said the government has been doing its utmost to ensure the safety of Japanese citizens in the Middle East since the start of the conflict. He said arrangements are being made to help those who wish to evacuate.
- US President Donald Trump has hinted that his administration may take steps on Cuba after military operations in Iran end.
- Iranian Foreign Minister Abbas Araghchi has ruled out outside intervention in choosing the successor of the supreme leader, Ayatollah Ali Khamenei, who was killed in a US-Israeli air strike.
- A Kremlin spokesperson says peace talks with Ukraine involving US officials have been paused due to the situation involving Iran.
- A small rocket developed by a Japanese startup firm failed in its third launch attempt on Thursday, with its flight aborted shortly after liftoff. Space One’s Kairos rocket lifted off from a launch pad in Kushimoto Town, Wakayama Prefecture, at 11:10 a.m., carrying five small satellites. The Tokyo-based company said it aborted the flight after determining the rocket would not be able to complete its mission, and is investigating the cause.
- Businesses in Japan are getting anxious as exports to the Middle East are already seeing an impact from the conflict there. A plastic model maker in central Japan started exporting to Saudi Arabia last September. The situation in the region became tense just as it was planning to expand its sales channels. The company is also worried about spiraling costs as its main material is derived from crude oil.
- A UN fact-finding mission has strongly condemned the US-Israeli strikes against Iran, and called for an immediate cessation of attacks by all parties. The Independent United Nations mission investigating the human rights situation in Iran released a statement on Wednesday that denounces the US and Israel, saying the attacks “run counter to the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any State.”
- Shares in Tokyo fell for a third day on Wednesday as concerns about energy supplies from the Middle East continue to roil financial markets globally.
- The Tokyo High Court has issued an order to disband the group formerly known as the Unification Church.
- Energy prices in Europe are surging as the conflict in the Middle East disrupts supplies. Shipping through the Strait of Hormuz, a key channel for gas and oil transport, has been disrupted as the United States and Israel continue the conflict with Iran.
- The United States and Israel have been intensifying their attacks on Iran after they killed the country’s top leader. US President Donald Trump said on Monday that he thinks the operation could take four to five weeks, or more. He said that the US is ensuring that “the world’s number one sponsor of terror can never obtain a nuclear weapon.”
- China’s foreign ministry says Foreign Minister Wang Yi spoke by phone on Monday with Iranian Foreign Minister Abbas Araghchi. Araghchi told Wang that the United States has violated all international laws and crossed Iran’s red lines. He said Iran has no choice but to defend itself with all its might. Wang said Beijing supports Iran in safeguarding its sovereignty, security, territorial integrity and national dignity. He added that China has urged the US and Israel to immediately halt military operations.
- At an event in the city of Ise in central Japan’s Mie Prefecture, families snapped photos of their children dressed as traditional “hina” dolls. In many households, hina dolls are displayed ahead of the festival to pray for the health and happiness of young girls.