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Oil prices mixed as WSJ reports IEA proposed largest release of oil reserves in its history

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Oil prices mixed as WSJ reports IEA proposed largest release of oil reserves in its history


An oil tanker train moves near a railway station on the outskirts of Ahmedabad, India, August 27, 2025. — Reuters
  • France to host G7 leaders call today
  • American crude oil, gasoline, and distillate stocks fell.
  • Brent futures trade up 11 cents, or 0.13% higher, at $87.91 a barrel.

Oil prices seesawed on Wednesday after the Wall Street Journal reported the International Energy Agency has proposed the largest release of oil reserves in its history to offset supply disruptions stemming from the war in Iran.

Brent futures traded up 11 cents, or 0.13% higher, at $87.91 a barrel at 0129 GMT. US West Texas Intermediate (WTI)  traded 7 cents higher and was last up 0.08%, at $83.52 a barrel.

Both contracts dropped immediately after the WSJ report, reversing early gains in WTI.

The IEA’s proposed drawdown would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the WSJ said, citing officials familiar with the matter.

The IEA and the White House did not immediately respond to Reuters‘ requests for comment.

The US and Israel pounded Iran on Tuesday with what the Pentagon and Iranians on the ground called the most intense airstrikes of the war.

The US military also “eliminated” 16 Iranian mine-laying vessels near the Strait of Hormuz on Tuesday, the US Central Command said, as US President Donald Trump warned any mines laid in the Strait by Iran must be removed immediately.

Trump has repeatedly said the US is prepared to escort tankers through the Strait of Hormuz when necessary. However, sources told Reuters the US Navy has refused requests from the shipping industry for military escorts as the risk of attacks is too high for now.

“We continue to expect crude oil to remain highly volatile, driven by headlines while trading within a wide range between $75ish and $105ish in the sessions ahead,” Tony Sycamore, market analyst with IG in Sydney, said in a note.

Both contracts plunged more than 11% on Tuesday, the steepest percentage drop since 2022, a day after Trump predicted a quick end to the war, and after surging to a session high above $119 a barrel, their highest since June 2022, on Monday.

G7 officials have since gathered online to discuss a potential release of emergency oil stockpiles to soften the market blow.

French President Emmanuel Macron will host a video call with other G7 country leaders on Wednesday to discuss the impact of the conflict in the Middle East on energy and measures to address the situation.

Abu Dhabi state oil giant ADNOC has shut its Ruwais refinery in response to a fire at a facility within the complex following a drone strike, according to a source, marking the latest energy infrastructure disruption due to the US-Israeli war on Iran.

Saudi Arabia, the world’s largest oil exporter, is seen boosting supplies via the Red Sea, although they are still far below the levels needed to compensate for the drop in flows from the Strait of Hormuz, shipping data showed.

The kingdom is relying on the Red Sea port of Yanbu to help it boost exports to avert steep production cuts as its neighbours, Iraq, Kuwait and the United Arab Emirates have already reduced output amid the US-Israeli war with Iran.

Energy consultancy Wood Mackenzie said the war is currently cutting Gulf oil and oil products supply to the market by some 15 million barrels per day, which could raise crude prices to $150 per barrel.

“Even a quick resolution probably implies weeks of disruption for energy markets yet,” Morgan Stanley said in a note.

Reflecting higher demand, US crude, gasoline and distillate stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday.





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Andrew, Fergie may reunite in Portugal after King Charles nod

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Andrew, Fergie may reunite in Portugal after King Charles nod


King Charles III’s wise move proves he will never ditch his late mother Queen Elizabeth’s legacy as he makes secret efforts to keep the family united.

The 77-year-old’s nod to his niece Princess Eugenie has raised hopes for Andrew and Fergi’es reunion as speculation about the former Duke and Duchess of York’s future move has escalated, attracting massive media attention.

The much-needed relief for the York family comes at a time when Andrew and Ferguson’s controversies have loomed large over their lives.

A royal expert claims Andrew will not really settle in Sandringham, and Sarah is obviously looking for an escape route after her latest hiding place was discovered.

“I have a suspicion both might end up in Portugal to be close to their grandchildren and lead a simpler, quieter life,” royal broadcaster Ian Pelham Turner claimed to Fox News Digital.

However, attention has returned to the Yorks after King Charles’ nod to his niece Eugenie as the Palace took the step to embrace the York family and celebrate their joyful moments publicly.

The new arival may releses stress from Beatrice and Eugenie’s disgraced parents, who have been in forced exile since the King stripped them of their royal tiles and patronages..





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Lauren Sánchez Bezos trains with NYC firefighters ahead of Met Gala 2026

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Lauren Sánchez Bezos trains with NYC firefighters ahead of Met Gala 2026


Lauren Sánchez Bezos took her Met Gala preparation to an unexpected place: the New York Fire Department.

Days before stepping onto the red carpet May 4, the 56 year old journalist and philanthropist joined FDNY for a full training routine, complete with gear drills, smoke filled obstacle courses, and life saving techniques.

“It’s probably the most unique Met prep ever,” Sánchez told Vogue. “It was bananas, but I loved it. I probably lost about two pounds doing it.”

The honourary co chair of this year’s gala shared footage of the workout on Instagram, noting the session benefited the Leary Firefighters Foundation and FDNY Foundation.

“They do not mess around,” she wrote, adding that the experience gave her “a very small glimpse into the strength, discipline, and courage firefighters bring to their work.”

Her training coincided with International Firefighters’ Day on May 4, a detail Sánchez highlighted in her tribute: “Thank you to firefighters everywhere for your service.”

On the Met steps, Sánchez channeled John Singer Sargent’s 1883 painting Madame X in a midnight blue Schiaparelli gown by Daniel Roseberry.

The corseted look featured a jeweled strap draped over one shoulder, paired with Lorraine Schwartz earrings.

Inside the gala, she was joined by husband Jeff Bezos, who kept his look classic in a black tuxedo and bowtie.





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Body of abducted Islamabad youth recovered from Mardan; key suspect held

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Body of abducted Islamabad youth recovered from Mardan; key suspect held


Farrukh Afzal, the victim in Islamabad kidnapping case. — Geo News 
  • Victim abducted at gunpoint outside Islamabad residence.
  • Main suspect, female accomplice arrested from Swat.
  • Police recover the vehicle used in kidnapping incident.

ISLAMABAD: The body of a young man abducted from Islamabad’s F-6 area has been recovered from Mardan, police said on Tuesday, adding that the victim appeared to have been subjected to torture.

According to police, the body was shifted to Pakistan Institute of Medical Sciences (PIMS), where a post-mortem examination is scheduled to be conducted.

The deceased was identified by his family as 30-year-old Farrukh Afzal. His family claimed that he was abducted in front of his father, adding that the kidnappers opened fire when they attempted to resist.

Speaking to Geo News, a relative of the victim said that when Afzal arrived home late at night at around 12:04am and was getting out of his car, right at that time, three people tried to kidnap him.

“A neighbour called [police], and his parents came out of their house after hearing his screams, but the armed kidnappers took him away,” he said, claiming that the boy could have been saved if the police had taken action at the time and placed blockades.

“However, no action was taken, which is why such an incident took place in the safe city of Islamabad, especially in a place like F-6/1, which is near the Red Zone,” he said, raising the question of how armed people can abduct a boy in Islamabad and kill him in Mardan.

Meanwhile, the police said, the abduction took place when the victim was returning home and opening the gate of his house in Islamabad’s F-6/1 area, where four armed men forcibly took him away in a vehicle after firing shots.

A first information report (FIR) was registered at Kohsar police station on the complaint of the victim’s father.

According to the FIR, the complainant rushed outside after hearing noise around midnight and saw four to five unidentified individuals abducting his son. When he and his neighbours tried to intervene, the suspects opened fire and fled with the victim.

Police said that the main suspect, along with a woman accomplice, was arrested in Swat, while the vehicle used in the kidnapping has also been recovered.

Authorities said investigations are ongoing from multiple angles, and efforts are underway to trace other suspects involved in the incident.





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