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IEA preparing record release of oil reserves
The International Energy Agency is preparing the largest release of strategic oil reserves in its history, in a bid to quell the turmoil in energy markets unleashed by the Middle East war. The agency on Tuesday told officials from its 32 member countries that it recommended a larger stock release than in 2022, when it acted in response to Russia’s full-scale invasion of Ukraine, according to a person familiar with the matter. The proposal comes after G7 finance ministers said on Monday they were ready to tap stocks of crude oil, petrol and diesel to protect the world economy. Oil prices rose 2 per cent early on Wednesday after two days of wild swings that sent Brent crude, the international benchmark, to almost $120 a barrel before it fell back after the FT first reported that the release of IEA reserves was being considered. Financial Times, March 11

US strikes Iranian mine-laying vessels as Middle East war intensifies
The US military said it destroyed multiple Iranian vessels on Tuesday as the Islamic Republic vowed to block the region's oil exports, raising concerns over its threats to stop tankers from using a waterway through which 20 per cent of the world’s oil is shipped. The US destroyed 16 mine-laying Iranian vessels, though President Donald Trump said in social media posts that there were no reports of Iran planting explosives in the Strait of Hormuz. The American military released the figure, along with unclassified footage of some of the vessels, after Trump earlier warned Iran against laying mines in the strait. Both sides sharpened their rhetoric as the war entered its 11th day, with Trump threatening to hit Iran at “a level never seen before” if the country failed to immediately remove mines it might have deployed in the channel. France 24, March 11

Al Quds Day march to be banned after government approves Met request
The government has approved a request from the Metropolitan Police to ban a march due to take place in London on Sunday. Home Secretary Shabana Mahmood said it was aimed at preventing "serious public disorder" at the annual Al Quds Day march, which has always been seen as pro-Iranian though organisers say it is more of a pro-Palestinian event. The Met said the threshold to ban a protest was high and it had not taken its decision lightly. It is the first time a protest march has been banned since 2012. Faisal Bodi, of the Islamic Human Rights Commission which organises the event, said a ban would mean a "sad day for freedom of expression". Mahmood said a stationary demonstration could take place instead under strict conditions. BBC news, March 11

Kremlin backs covert campaign to keep Viktor Orbán in power
The Kremlin has launched a disinformation campaign aimed at helping Hungarian Prime Minister Viktor Orbán get re-elected next month, according to people familiar with the matter. Vladimir Putin’s administration has endorsed a plan by the Social Design Agency, a Kremlin-linked media consultancy under western sanctions, to bolster Orbán’s Fidesz party by flooding social media with messages designed in Russia and posted by influential Hungarians. The campaign frames Orbán as the only candidate who can keep Hungary sovereign and treat world leaders as equals, according to a proposal written by the agency for the Kremlin late last year and seen by the FT. It intends to contrast Orbán, a “strong leader with global friends”, with his main rival Péter Magyar, a “Brussels puppet with no outside support”, the proposal says. Magyar has emerged as the most serious challenger to the decades-long rule of Kremlin ally and Brussels antagonist Orbán in the April 12 election. Financial Times, March 11

Roman Abramovich ‘obliged to give only £987m’ from Chelsea sale to charity
Roman Abramovich says he is obliged to pass on only the £987million net proceeds from the sale of Chelsea to a charitable foundation rather than the full £2.35billion he received from the club’s new owners, the latest accounts of his company have revealed. Fordstam Ltd’s accounts for the year ending June 2023 state that the company owes £1.4bn to a Jersey-registered company called Camberley International Investments which needs to be repaid from the Chelsea cash. That is a related party company that was used by Abramovich to loan money to Chelsea during his two decades owning the club. “The owner of Fordstam Limited, Roman Abramovich, intends to donate the net proceeds from the sale of the club, after allowing for other balance sheet items, to a charitable foundation,” the accounts read. The Times, March 11

Hereditary peers to lose their seats in the House of Lords
Hereditary peerages will be abolished before the next king’s speech after a deal was struck granting life peerages to some Conservatives and cross-benchers losing their seats. On Tuesday evening the upper chamber accepted a final draft of the House of Lords (hereditary peers) bill, marking the end of its passage through parliament and clearing the way for it to be added to the statute book. The Lords leader, Angela Smith, confirmed the government would offer life peerages to some of those who would otherwise lose their seats. As a result, the Tories withdrew their opposition to the bill. Since 1999, up to 92 hereditary peers have been able to sit in the upper house and cast their votes in the lobbies but the bill effectively reduces this quota to zero. The Guardian, March 10

Israel expects Lebanon offensive to outlast Iran conflict
Israeli officials are preparing for an extended campaign against the Lebanese militant group Hizbollah that is likely to continue beyond the end of the war against Iran, according to people briefed on the discussions. Israeli officials said last week that they expect the US-Israeli war with Iran to last “weeks”, as they attempt to destroy Tehran’s nuclear and ballistic missile capabilities as well as the main security pillars holding up the Islamic republic. However, US President Donald Trump appeared to hedge his view in one of his many public comments on Monday, saying that the war was ahead of schedule and “very complete, pretty much”. People briefed on planning said the Israeli offensive against Hizbollah - which was launched after the Iran-backed group fired rockets into northern Israel last week - would last at least as long as the onslaught against Iran and could even continue after any ceasefire with Tehran. “[The goal is] to inflict enough damage [on Hizbollah so] that there is not this constant fear of having to evacuate the northern residents,” one of the people said, referring to Israeli communities evacuated in previous rounds of fighting with Hizbollah. Financial Times, March 10

Macron announces future ‘defensive’ mission to reopen the Strait of Hormuz
France ​will send ​two warships as part of the European Union's ​naval ‌mission ⁠Aspides in the Red ‌Sea, French President Emmanuel ⁠Macron said on Monday. He said the "purely defensive, purely support mission" will be put together by European and non-European states. Speaking during a visit to Cyprus to discuss regional security, Macron said the mission would be aimed at escorting container ships and tankers in order to gradually reopen the Strait of Hormuz "after the end of the hottest phase of the conflict". "This is essential for international trade, but also for the flow of gas and oil, which must be able to leave this region once again," said Macron in Paphos on the southwestern coast of Cyprus. France 24, March 9

Poland to build EU’s first anti-drone shield
Poland is building what it bills as Europe’s most advanced anti-drone system following Russia’s airspace violations against Nato members. Warsaw decided to set up the system in response to Russia launching about 20 drones into Polish airspace in September last year. Developing European anti-drone technology has gained fresh urgency after Iranian Shahed drones hit a British base in Cyprus last week following the US-Israeli strikes on Iran. The Polish system, dubbed San, is being developed by a Polish-Norwegian consortium and is expected to cost about €3.5bn. It will be financed with EU loans allocated to Warsaw under the EU’s new Safe programme, designed to increase arms production in Europe to counter Russia’s aggression. San will comprise 18 mobile anti-drone batteries, each equipped with sensors and effectors linked to a central command system. Radar components and guns mounted on hundreds of vehicles will patrol the Polish border and connect to national and allied defence systems. Financial Times, March 10

Five of Iran women’s football team granted asylum in Australia
At least five members of the Iran women’s football team who fled from their team hotel under police protection during a tournament in Australia have won asylum after they were branded “traitors” by the regime in Tehran. Australia has also offered protection to other members of the Iranian team if they defect, the government said on Tuesday after confirming a police and security operation to remove the women from their team’s Gold Coast hotel. “Australians have been moved by the plight of these brave women,” Anthony Albanese, the Australian prime minister, said. “They are safe here and they should feel at home here.” The Times, March 10

China exports surge despite Trump tariffs
China's exports surged in the first two months of this year despite trade tensions with the US. Official figures show exports jumped by more than 20 per cent in January and February, which is almost three times the rate predicted by economists. It puts the country on track to top the record-breaking annual trade surplus it saw in 2025. The announcement comes as US President Donald Trump is expected to visit China in early April to meet his Chinese counterpart Xi Jinping. The world's second largest economy is heavily reliant on exports as it faces a number of issues including weak consumer spending, a shrinking population and a property market crisis. Beijing typically combines January and February trade data to adjust for distortions caused by the Lunar New Year holiday, which falls on different dates each year. China's exports were boosted by strong demand for electronics while shipments of agricultural and manufactured goods also rose. Trade with European countries grew by 27.8 per cent, while exports to Asean countries - a group of South East Asian nations including Thailand, Singapore and Philippines - climbed by nearly 30 per cent. BBC news, March 10

X suspends 800m accounts in one year amid ‘massive’ scale of manipulation attempts
Elon Musk’s X said it had suspended 800m accounts over a 12-month period as it fights the “massive” scale of attempts to manipulate the platform. The social media company told MPs on the foreign affairs committee it was continually fighting state-backed attempts to hijack the agenda on its network, with Russia the most prolific state actor, followed by Iran and China. As part of the battle against such content, X suspended 800m accounts in 2024 for breaching its rules on platform manipulation and spam, although it did not reveal which of those suspensions related to foreign interference. X has approximately 300 million monthly users worldwide. The Guardian, March 9