IEA to consider release of more oil reserves as Iran war keeps prices high

• North Korea conducted a test of nuclear-capable rocket launchers, adding to regional tensions as international attention remains focused on the escalating Iran conflict and Middle East instability. • The weapons test underscores ongoing security challenges facing the United States across multiple regions simultaneously, from the Middle East to the Korean Peninsula. • The development occurs as the Trump administration manages diplomatic challenges with multiple countries and military operations abroad.

• Energy Secretary Chris Wright told NBC News that gasoline prices could decline by summer despite ongoing disruptions from the Iran war and threats to global oil supplies. • The forecast suggests potential relief from elevated energy costs that have accompanied the three-week conflict, though oil markets remain volatile due to Iranian actions in the Strait of Hormuz and retaliatory attacks on regional infrastructure. • The projection reflects administration confidence in energy supply alternatives and market stabilization even as the conflict continues to create supply-chain uncertainties.

• A powerful winter storm is impacting the Midwest, causing significant travel disruptions for millions of Americans as the system is forecast to move eastward. • The severe weather creates additional operational challenges across transportation networks already strained by various crises and conflicts affecting global commerce. • Forecasters warn of continued travel trouble as the storm progresses across the country over the coming days.

• A federal jury in Texas convicted eight anti-ICE protesters on terrorism charges Friday, marking the first successful terrorism prosecution against activists by the Justice Department. • Federal prosecutors accused the protesters of being members of antifa in connection with a reported shooting during a demonstration outside the Prairieland ICE jail in Alvarado last year. • The conviction has raised concerns about the Trump administration's intensifying crackdown on activists and First Amendment rights, with the DFW Support Committee calling it "a sham trial, built on political persecution and ideological attacks."

• In a Saturday phone call with NBC journalist Kristen Welker, President Trump claimed Iran sought a ceasefire, but Iranian Foreign Minister Abbas Arashi immediately contradicted the assertion, stating Iran has never requested negotiations or a truce. • US and Israeli forces have intensified bombardment of Iranian cities including Tehran, Hamadan, and Isfahan, with Trump warning of additional strikes; 12 US service members have been killed since the war began February 28. • Reuters reports Trump has ignored attempts by Middle Eastern allies to broker negotiations ending the conflict, while the US State Department warned American citizens to leave Iraq immediately amid ongoing military operations.

• A federal jury in Texas convicted eight anti-ICE protesters on terrorism charges Friday in a closely watched trial that has raised concerns about the Trump administration's expanding crackdown on activist speech. • The convictions represent an intensified prosecutorial approach against immigration enforcement protesters, raising questions about First Amendment protections for demonstration activity. • The case has drawn criticism from civil liberties advocates warning of an erosion of protest rights under the current administration's enforcement posture.

• European Union foreign ministers convened in Brussels to address the escalating Iran conflict now in its third week, coordinating response to regional instability and implications for European interests. • The high-level coordination reflects EU concerns about energy security, maritime safety in the Strait of Hormuz, and the potential for wider Middle Eastern destabilization affecting European allies.

• President Trump is conditioning a summit with Chinese President Xi Jinping on Beijing's assistance in securing the Strait of Hormuz, with US-China trade negotiators meeting in Paris ahead of potential talks. • Trump demanded approximately seven countries deploy warships to police the critical waterway, though his appeals have yielded no firm commitments as oil prices surge; China imports roughly 90% of its energy through the strait. • Chinese and US negotiators held candid meetings in Paris, with China signaling willingness to increase purchases of US agricultural products beyond previous soybean pledges, including poultry and beef.

• The Israeli Defense Forces' 91st "Galilee" Division conducted raids in eastern southern Lebanon, killing several Hezbollah operatives as Israel prepares for potential ceasefire negotiations and discussions on Hezbollah's disarmament. • Military operations are designed to reduce missile and drone fire toward Israel and continue systematic destruction of the Iranian regime's ballistic missile and unmanned aerial vehicle infrastructure. • The raids occur amid parallel diplomatic preparations for Lebanon ceasefire talks, signaling Israel's dual-track military and negotiation strategy in the broader regional conflict.

• UAE's Fujairah oil port sustained damage during escalating Iran war operations as the conflict enters its third week, with regional oil infrastructure becoming a focal point of military action. • Iranian Foreign Minister Abbas Arashi denied claims that Iran seeks a ceasefire or negotiations, stating "We are ready to defend ourselves for as long as it takes" and rejecting US overtures for talks. • The damage to critical Gulf oil infrastructure underscores the war's impact on global energy markets and regional stability, with implications for worldwide crude supplies.

• The Trump administration reopened the US embassy in Caracas on Saturday, marking the first diplomatic presence since 2019, with the American flag raised as part of resumed diplomatic relations with Venezuela. • The embassy reopening follows a deadly US military strike in early January that led to the abduction of Venezuelan President Nicolás Maduro and his wife Celia Flores, a dramatic shift in bilateral relations. • The diplomatic resumption represents a significant policy reversal in the Trump administration's approach to Venezuela after years of sanctions and confrontational posturing.

• Italy's military reported a drone attack on the Ali al-Salem air base in Kuwait on Sunday, marking an expansion of hostile activity beyond primary conflict zones in Iran and Lebanon. • The strike demonstrates the geographic spread of military operations and drone threats across the Gulf region, threatening coalition infrastructure supporting operations in the broader conflict.