Chicago Tribune – March 12 2026 – Chicago Tribune

Martin Meissner/ap By Samuel Petrequin Associated Press PARIS — A group representing many of the world’s wealthiest countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the narrow Strait of Hormuz. The International Energy Agency said it will make 400 million barrels of oil available from its members’ emergency reserves, which is more than double the 182.7 million barrels that the IEA’s 32 member countries released in 2022 in response to Russia’s full-scale invasion of Ukraine.

“This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” said Fatih Birol, executive director of the Paris-based IEA. “But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.” Iran has attacked commercial ships across the Persian Gulf in response to U.S. and Israeli strikes, escalating a campaign of squeezing the oil-rich region as global energy concerns mount and effectively stopping cargo traffic in the Strait of Hormuz, through which about a fifth of all oil is shipped from the Persian Gulf toward the Indian Ocean.

Iran has also targeted oil fields and refineries in Gulf Arab nations, aiming to generate enough global economic pain to pressure the U.S. and Israel to end their strikes. According to the IEA, export volumes of crude and refined products are currently at less than 10% of prewar levels. Birol noted that the situation in natural gas markets is also very challenging, with Asia the most severely affected region.

“There are few options to replace the missing LNG cargoes from Qatar and the Emirates,” he said. “Global energy supply has been reduced by around 20%.” The IEA’s announcement came a day after energy ministers from the Group of Seven — the leading industrialized nations of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States — met in Paris to look at ways to bring down prices.

It also came before G7 leaders, including President Donald Trump, met Wednesday via videoconference. During his introductory remarks during Wednesday’s video call, French President Emmanuel Macron praised the IEA decision to release emergency oil stocks, saying it is “very important” to do everything possible to increase global production and that the 400 million barrels amounted to the equivalent of “20 days of the volume being exported” via the Strait of Hormuz.”

WASHINGTON — An ongoing military investigation has deter- mined that the United States is responsibleforadeadlyTomahawk missilestrikeonanIranianelemen- tary school, according to U.S. offi- cials and others familiar with the preliminaryfindings. The Feb. 28 strike on the Shaja- rah Tayyebeh elementary school building was the result of a target- ing mistake by the U.S.

military, which was conducting strikes on an adjacent Iranian base of which the school building was formerly a part, the preliminary investiga- tion found. Officers at U.S. Central Commandcreatedthetargetcoor- dinatesforthestrikeusingoutdated dataprovidedbytheDefenseIntel- ligence Agency, people briefed on theinvestigationsaid. Officials emphasized that the findings are preliminary and that there are unanswered questions about why the outdated informa- tionhadnotbeendoublechecked. Strikingaschoolfullofchildren is sure to be recorded as one of the most devastating single military errors in recent decades. Iranian officials have said the death toll wasatleast175people,mostofthem children.

While the overall finding was largely expected — the United States is the only country involved in the conflict that uses Toma- hawkmissiles—ithasalreadycast ashadowontheU.S.militaryoper- ationinIran. President Donald Trump’s attempts to sidestep the blame for thestrikehavealsocomplicatedthe inquiry, leaving officials who have US at fault in deadly strike on Iranian school, inquiry finds TAPPING OILRESERVES: A group representing many wealthy countries agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects of the Iran war on energy markets and the halt of cargo shipping through the narrow Strait of Hormuz.

Nation &World,Page B4 See IRAN on Page A9 ‘OBLITERATED’ Night of twisters: 2 dead after storms tear through Kankakee County and northwest Indiana Potential record hail: Reported 6-inch hailstone under investigation, could shatter state mark “He said, ‘I’ve been here for 36 years and rode out the other storms,’ but we told him this one felt different. By the time they got out of the driveway to head to the fire department, the hail started coming down.”

JILL HANGER, whose father-in-law barely escaped a tornado’s path in Lake Village, Indiana Top: Investigators walk a propertyWednesdaywhere bodies ofan elderly couple were found in LakeVillage,Indiana,aftera tornadoTuesday. STACEYWESCOTT/CHICAGOTRIBUNE Bottom: A damaged vehicle is surrounded by downed trees following Tuesday night’s potential tornado in Aroma Park. ARMANDO L.

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