We know what’s coming and we are prepared.
Israel plans for ‘long war’ and aims to kill top three Hamas leaders, FT reports.
Israel is planning a campaign against Hamas that will stretch for a year or more, with the most intensive phase of the ground offensive continuing into early 2024.
The multi-phase strategy envisages Israeli forces, who are garrisoned inside north Gaza, making an imminent push deep into the south of the besieged Palestinian enclave.
The goals include killing the three top Hamas leaders — Yahya Sinwar, Mohammed Deif and Marwan Issa — while securing “a decisive” military victory against the group’s 24 battalions and underground tunnel network and destroying its “governing capability in Gaza”.
“This will be a very long war . . . We’re currently not near halfway to achieving our objectives,” said one person familiar with the Israeli war plans.
Israel’s overall strategy for Gaza is flexible, with timing dictated by multiple “clocks”, including operational progress on the ground, international pressure and opportunities to free Israeli hostages, the people said.
The renewed high-intensity ground operation will probably require a few more months, taking it into the new year, the people familiar with the preparations estimated.
“This isn’t going to be weeks,” said one person familiar with US-Israel discussions over the war.
After that, there will be a “transition and stabilisation” phase of lower military intensity that could continue into late 2024, with the location of Israeli ground forces during this phase still unclear.
Unlike previous Israeli military operations and wars, one Israeli official suggested there would not be a firm end point.
“The referee won’t blow the whistle and it’s over,” they said.
🇺🇸 #Oklahoma high school principal (Kirk Moore) seen charging at and disarming a school shooter.
The suspect, identified as 20-year-old Victor Hawkins, was a former student who said he wanted to shoot up the school “like the Columbine shooters did.” While taking down the shooter, Moore was shot in the leg. He is expected to recover.
When the Principal woke up that day, he never thought he would be tackling a gunman.
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🇨🇳🛢 How much strategic oil does the world actually have in reserve?
Global strategic crude oil inventories stood at ~2.5 BILLION barrels as of December 2025, according to the US Energy Information Administration.
China holds by far the largest stockpile at 1,397 million barrels, more than 3 times the US Strategic Petroleum Reserve of 413 million barrels, which itself sits at only 58% of its full storage capacity of 714 million barrels.
China added an average of 1.1 million barrels per day to its strategic inventories throughout 2025, with preliminary data suggesting it continued building stockpiles in early 2026 ahead of the Iran War.
Japan holds the 3rd-largest reserve at 263 million barrels, followed by OECD European countries at 179 million barrels.
Meanwhile, the US is releasing 172 million barrels from its Strategic Petroleum Reserve to suppress oil prices, part of a broader 400 million barrel coordinated release agreed by 32 IEA member nations in March.
🔗 ...
🛢 JP Morgan Warns Oil Market Out of Balance, Prices Must Rise
🔸The closure of the Strait of Hormuz, through which roughly 20% of the world’s oil flows, has removed 13.7 million barrels per day from global supply in April alone. A JP Morgan research note warns the market has no good way to replace it.
🔸Normally, spare production capacity in Saudi Arabia and the UAE acts as the market’s shock absorber. But that buffer has effectively been removed, eliminating the system’s first line of defense.
🔸With spare capacity unavailable, markets turned to inventories
➤ Global stockpiles are now being drained at ~7.1 mbd in April, an extraordinary pace, according to the note.
🔸Meanwhile, demand is collapsing because supply simply isn’t reaching users — “forced demand destruction.”The hardest hit sectors include:
▪️ Petrochemical plants across Asia are shutting down or slashing output as LPG, ethane, and naphtha flows from the Gulf collapse
▪️ Airline jet fuel ...
🛢⛽️ Global oil inventories are heading toward RECORD LOWS:
Global visible oil inventories have fallen -255 million barrels since the start of the conflict on February 27, to 7,864 million barrels.
Total estimated oil draws, including non-OECD refined products storage, have accelerated to 10.9 million barrels per day in April, the largest monthly draws on record since 2017.
Cumulative estimated draws since the start of the war now stand at 474 million barrels, with Hormuz flows holding at ~10% of normal, or 2.0 million barrels per day.
Meanwhile, even in an optimistic scenario where Strait of Hormuz flows begin recovering by late April, it is unlikely to prevent global visible inventories from reaching all-time lows, according to Goldman Sachs.
As inventories keep falling, physical oil markets are likely to require sharply higher prices for immediate delivery, since buyers cannot wait months for cheaper futures delivery when stocks are running critically low.
Goldman also warns...
