Japan Releases Oil Reserves Amid U.S.-Israel Conflict
Japan began releasing oil from its reserves on March 16, 2026, to address supply concerns amid the ongoing U.S.-Israel conflict with Iran, marking its first such action since 2022. The initial release consists of 15 days' worth of reserves held by the private sector, with an additional month's worth of state-held oil planned. Chief Cabinet Secretary Minoru Kihara stated that the decision was made due to anticipated significant decreases in crude oil imports following the effective closure of the Strait of Hormuz.
Trump Faces Legal Challenges Over New Tariff Authority
President Donald Trump asserted his authority to impose tariffs in a new format, following the U.S. government's initiation of trade investigations into 60 economies, including China, the EU, and Japan. Legal challenges have emerged from Democratic attorneys general and governors from 24 states, along with a libertarian group, seeking to strike down the 10 percent tariffs Trump imposed on most U.S. trading partners in February, which he has threatened to increase to 15 percent. Legal experts suggest that Trump's new tariffs may have a stronger legal basis than previous ones, despite the Supreme Court's recent ruling that limited his authority under the International Economic Emergency Powers Act.
Zelenskyy Accuses Allies of Blackmail Over Oil Pipeline
Ukrainian President Volodymyr Zelenskyy accused European allies of 'blackmail' over pressure to re-open the Druzhba oil pipeline, which has been offline since January due to damage from a Russian strike. In remarks made public on Sunday, Zelenskyy stated that restoring oil flows would equate to lifting sanctions on Russia, and he criticized Hungary and Slovakia for threatening to block EU aid to Ukraine unless the pipeline is swiftly repaired. The European Commission has proposed a fact-finding mission to inspect the pipeline's damage amid rising oil prices linked to the ongoing conflict in the Middle East.
