Entertainment
Oil prices mixed as WSJ reports IEA proposed largest release of oil reserves in its history
- 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.
Entertainment
Kai Trump under fire for Erewhon run with Secret Service in tow: Know every detail here
Kai Trumph, the granddaughter of President Donald Trump, came under fire over her recent vlog where she brought her Secret Service for grocery shopping.
For context, President Trump has described that Los Angeles-based chain store, considered high-end, as “the most expensive grocery store pretty much out there.”
Kai Trump, who is often seen roaming around in the White House because of her grandpa, President Donald Trump, whom she shares a common sport with: golf.
Kai is an amateur golfer who had recently debuted in The Annika tournament in November last year.
The golfer-cum-YouTuber uploaded the vlog on Women’s Day, March 8, with the caption, “I Brought My Secret Service to Erewhon.”
While complaining about the expansive price tags, Trump said in the video, “Everything’s super expensive,” while she filled her basket up with items like sushi, a $14 bottle of water, and a $16 jar of dates.
Kai at one point appears to clarify to her audience that she’s not a shopaholic, saying, “Guys, one thing about me is I don’t spend, like, a lot of money. Like I’m very…I don’t spend a lot.”
What sparked backlash over the posted vlog was her commentary while joking, saying, “I’m gonna need to file for bankruptcy,” which has so far amassed over 343,000 views since its upload.
Kai Trump enjoys a huge social media following, having garnered over 1.46 million followers on YouTube alone.
For the unversed, Kai Trump is the daughter of Donald Trump Jr. And his ex-wife, Vanessa Trump.
Entertainment
Bad Bunny returns to Instagram with 32nd birthday celebration
Bad Bunny marked his 32nd birthday with a comeback to Instagram after he wiped his account clean post Super Bowl halftime performance.
The post instantly lit up social media as it drew millions of likes and a flood of fan and celebrity reactions.
The Puerto Rican superstar, dressed in a sleek suit, was photographed smiling beside a candlelit strawberry-topped cake in a dimly lit setting.
The post, shared on his official account @badbunnypr, quickly surpassed nine million likes within hours.
Fans flooded the comments section with messages ranging from heartfelt birthday wishes to playful invitations.
“Feliz cumpleaños, Benito! Muchos saludos desde El Barrio!” wrote one fan, while fellow artists and platforms including Luis Fonsi, The Marías, Chencho Corleone, and Apple Music joined in the celebration.
The moment was amplified by fans who hailed his return to Instagram after a noticeable hiatus.
The latest social media has sparked speculation about whether the birthday post signals new music or a fresh chapter in his career.
Bad Bunny, born Benito Antonio Martínez Ocasio, has remained one of the most influential figures in global music, blending reggaeton, Latin trap, and pop into a genre-defying sound.
His social media presence often doubles as a cultural event, with posts generating headlines and fan frenzy across platforms.
Lullaby Legends: ABC of Bad Bunny
The birthday buzz coincided with a surge in pre-orders for Lullaby Legends: ABC of Bad Bunny, a newly announced children’s book tracing Benito’s journey from Puerto Rico to global stardom.
The 22-page picture book, available in English and Spanish, is part of the Lullaby Legends series that has previously spotlighted icons like Taylor Swift, Beyoncé, Dolly Parton, and Freddie Mercury.
The children’s book is set to release on August 11, 2026
Entertainment
PSO attracts bids for two petrol cargoes amid Strait of Hormuz tensions
- Bids valid until Mar 13; PSO must respond before the deadline expires.
- Agricultural machinery expected to increase fuel consumption.
- Diesel stocks sufficient for 20 days, demand to rise with harvest season.
Amid tensions in the Strait of Hormuz, Pakistan State Oil (PSO) has received bids from international traders for two petrol cargoes, each weighing 55,000 metric tons with a 92 RON rating, as the country works to secure supplies amid fluctuating global fuel prices.
Sources indicate that for the first cargo, OQ Trading submitted the lowest bid with a Cost and Freight (CFR) premium of $17.8 per barrel. Be Energy SA offered a CFR premium of $22 per barrel, while Vitol Bahrain E.C. quoted the highest premium at $39 per barrel, The News reported.
For the second cargo of the same quantity, only two bidders participated. Once again, OQ Trading emerged as the lowest bidder, offering a CFR premium of $19.5 per barrel, while Be Energy SA submitted a bid of $23.5 per barrel. Officials noted that the lowest bids for both cargoes are still considered relatively high.
Officials said the bids were received under the rules of the Public Procurement Regulatory Authority (PPRA), which governs public sector procurement in Pakistan. However, authorities noted that the strict tendering procedures sometimes contribute to higher procurement costs, particularly during periods of volatility in international energy markets.
The bids will remain valid until March 13, meaning the PSO must respond to the bidders and finalise its decision before the deadline expires.
Sources also revealed that the PSO failed to receive any bids for a high-speed diesel cargo, as the traders quoted a CFR premium of around $80 per barrel, which was deemed excessively high. Due to daily fluctuations in international petroleum prices, the suppliers were reluctant to offer competitive bids within the validity period.
Meanwhile, Total Parco Pakistan Limited, an oil marketing company, has arranged a cargo of Euro-II specification diesel at a premium of $20 per barrel and is seeking government approval for the import. The PSO, however, typically imports Euro-V specification diesel, which meets stricter environmental standards.
Officials said Pakistan’s diesel stocks are currently sufficient for about 20 days, but the demand is expected to increase next month with the start of the harvesting season, when agricultural machinery significantly raises fuel consumption.
Given the anticipated surge in demand from the agriculture sector, authorities stressed that arranging diesel supplies at affordable prices will be crucial to ensure uninterrupted farming operations and maintain stability in the domestic fuel market.
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