AP News in Brief at 6:04 p.m. EDT

Iran's response to the surprise Israeli and U.S. bombardment that started 12 days ago has upended trade routes, choked supplies of fuel and fertilizer coming out of the Gulf and threatened air traffic through one of the world's most-traveled regions. Both sides have dug in, hoping to outlast the other.

An Israeli intelligence assessment, meanwhile, found Iran's new supreme leader, Ayatollah Mojtaba Khamenei, was wounded at the start of the war — on the day when his father and predecessor, Ayatollah Ali Khamenei, was killed in an Israeli airstrike.

An Israeli intelligence official and a reservist with knowledge of the assessment spoke on condition of anonymity because they were not authorized to discuss the matter with the media. They gave no details on the nature of the injuries.

The 56-year-old, whose wife was also killed in the Israeli strike, has not been seen since becoming supreme leader on Monday. Yousef Pezeshkian, the son of Iranian President Masoud Pezeshkian, wrote on social media that he had heard Mojtaba was wounded but that friends said “he is healthy and there is no problem.”

Wealthy nations pledge record release of emergency oil reserves in a bid to calm surging prices

PARIS (AP) — 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 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 narrow 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.

Iran war has blocked the Strait of Hormuz, a vital oil choke point. Reopening it is a big challenge

PARIS (AP) — Gasoline prices are rising largely because of the Iran war's impact on the Strait of Hormuz, a crucial passageway for oil and gas from the Persian Gulf. The waterway off Iran's coast, now effectively closed, is so vital for the global economy that governments are working on blueprints to speedily reopen it to shipping when the shooting stops.

In Europe, French President Emmanuel Macron is leading an international effort to unblock the energy choke point, so that oil, gas and goods could flow freely again “when circumstances permit." He envisions countries using warships to escort tankers and container vessels through the strait when fighting is less intense, whenever that may be.

Former naval officers who have served in the Hormuz passage say vessels would be sitting ducks, with little room for maneuver in the strait's narrow shipping lanes, if foreign naval forces attempted to reopen the waterway before a cessation of hostilities.

“In today’s context, sending warships or civilian vessels into the Strait of Hormuz would be suicidal,” French navy retired Vice Adm. Pascal Ausseur said in an interview with The Associated Press.

A ceasefire agreement with Iran “would make the situation shift from suicidal to dangerous. At that point, military ships could be deployed. And then escort operations could begin," he said.

Trump talks drug prices in Ohio, midterm races in Kentucky as Iran looms large

HEBRON, Ky. (AP) — President Donald Trump toured an Ohio pharmaceutical company on Wednesday and campaigned in the nearby Kentucky district of a Republican in Congress he'd like to see defeated — attempting to project political and economic strength as war in Iran has scrambled financial markets and hurt his poll numbers.

Trump toured Thermo Fisher Scientific in suburban Cincinnati, talking up his administration's efforts to persuade major manufacturers to lower prescription medication prices so that they are closer to what is charged abroad.

The trip is a test of Trump’s ability to cleanse his party of those who oppose him, but also to try to stay on an economic message increasingly strained by the military action launched by the U.S. and Israel against Iran.

“I used some very strong negotiating talent to get every single country to almost immediately approve. I threatened them with tariffs," he told reporters.

The Supreme Court recently struck down sweeping tariffs that Trump's administration had imposed around the world to boost his economic policies. But the president used an executive order to restore some levies, and says his push to lower drug costs can help Republicans ahead of November's midterms.

Inflation held steady last month, but that was before the attack on Iran sent energy costs soaring

KANSAS CITY (AP) — Inflation remained stubbornly elevated last month as gas prices rose, but it's a snapshot of consumer prices before a U.S.-Israeli attack on Iran sent energy costs soaring.

Consumer prices rose 2.4% in February compared with a year earlier, the Labor Department said Wednesday, matching January’s increase. Excluding the volatile food and energy, core prices climbed 2.5% from a year ago, also matching January’s level, which was the lowest in five years. Both remain above the Federal Reserve's 2% target.

Wednesday’s data has been overtaken by a conflict that began when the U.S. and Israel attacked Iran on Feb. 28, causing wild gyrations in oil prices as shipping lanes through the Persian Gulf suffered a rare shutdown. Gas prices have jumped sharply and are expected to fuel higher costs broadly. Inflation data for this month will be released in early April.

The price spike will challenge the inflation-fighters at the Federal Reserve and could slow consumer spending, which drives two-thirds of the nation’s economic growth.

Prices could retreat if the war ends soon, as President Donald Trump has hinted. But rising oil prices threaten to worsen inflation for at least a few months with Americans already worn down by nearly five years of sharply higher costs. “Affordability” has become a thorny political issue for congressional Republicans with midterm elections later this year.

US stock market remains calm, even as oil prices rise

NEW YORK (AP) — The U.S. stock market remained calm Wednesday, even as the price of oil got back to rising.

The S&P 500 edged down 0.1% for a second day of modest moves following what had been a wild stretch caused by the war with Iran. The Dow Jones Industrial Average dropped 289 points, or 0.6%, and the Nasdaq composite rose 0.1%.

Since the start of the war, sharp moves for oil prices have triggered swings up and down for financial markets worldwide, sometimes by the hour. Oil prices briefly spiked to their highest levels since 2022 this week because of the possibility that production in the Middle East could be blocked for a long time, which in turn raised worries about a surge of debilitating inflation for the global economy.

The International Energy Agency said Wednesday that its members will release a record amount of oil, 400 million barrels, from stockpiles they’ve set aside for emergencies. Such moves push downward on oil prices in the near term, but it will likely require a full resumption of the flow of oil and natural gas from the Persian Gulf area to fully ease the market. That has investors worldwide anxiously awaiting the end of the war.

The price for a barrel of Brent crude, the international standard, rose 4.8% to settle at $91.98. A barrel of benchmark U.S. crude gained 4.6% to $87.25.

Tornadoes kill 2 in northwestern Indiana and raze buildings in Kankakee, Illinois

KANKAKEE, Ill. (AP) — Major storms whipped up tornadoes that killed at least two people in northwest Indiana and leveled buildings in Kankakee, Illinois, authorities said Wednesday, as another round of rain, hail and strong winds made its way through the region.

Several intense supercell thunderstorms moved across northern Illinois and northwestern Indiana on Tuesday, including one responsible for at least four tornadoes, according to the National Weather Service office in Chicago.

The storms shattered windows, tore off roofs and smashed vehicles in Kankakee. Wood planks and other debris littered yards, streets and parking lots. A landscape and garden center was seriously damaged, some parts completely destroyed.

Storms also dropped 1 to 2 inches (2.5 to 5 centimeters) of rain and left piles of hail in the Grand Rapids area in western Michigan, said Alex Manion, a weather service meteorologist in Detroit. Streets flooded, leaving a cars stranded with water up past their doors in some places.

The weather service said crews are determining the strength and number of tornadoes, and that parts of Illinois, Indiana, Kentucky and Ohio remain under a tornado watch Wednesday.

Epstein's longtime accountant testifies on his wealth and business ties

WASHINGTON (AP) — House lawmakers were digging into Jeffrey Epstein's sprawling financial portfolio on Wednesday as a committee deposed his former accountant and tried to understand his connections to some of the world's wealthiest men.

Richard Kahn, who worked closely with Epstein for years and now serves as an executor of his estate, appeared for the closed-door deposition on Capitol Hill. He told lawmakers that he had not personally seen evidence of Epstein's sexual abuse, but provided a fuller picture of how Epstein acquired his wealth. The wealthy financier made hundreds of millions of dollars over two decades, during which he struck up friendships with some of the world's most powerful men.

Kahn “was under the impression that Epstein made his money as a tax advisor and a financial planner,” said Rep. James Comer, the Republican chair of the House Oversight Committee. Lawmakers argued that a fuller picture of Epstein's finances could help the public understand how, for years, he was able to get away with trafficking and sexually abusing underage girls.

“Jeffrey Epstein's sex trafficking ring would not have been possible without Richard Kahn, who managed Epstein's money for years, authorized payments, including payments to victims and survivors,” said Rep. James Walkinshaw, D-Va., who added that Kahn told them he was unable to recall details of some of the transactions and communications that he was asked about.

Kahn has said that he was unaware of Epstein's sexual abuse and had not seen any of his victims.

King penguins are the rare species benefiting from a warming world. But that could change

WASHINGTON (AP) — The warming world has disrupted the timing for plant and animal reproduction, and it's usually bad news for species that depend on each other — like flowers blooming too early and pollinating bees arriving too late. But researchers have found the rare critter that's getting a boost from the change: King penguins.

A new study of 19,000 king penguins in a sub-Antarctic island chain found their breeding is starting 19 days earlier than it did in 2000. Mating earlier has increased the breeding success rate by 40%, according to a study in Wednesday's journal Science Advances.

The study of timing in nature is called phenology. It's been a major concern for biologists because predators and prey and pollinators and plants are mostly adapting to warmer climates at different rates. And that means crucial mismatches in timing.

It's especially common in birds and pollinating species such as bees. Most birds, especially in North America, aren't keeping pace with changes in phenology, according to Clemson University biological sciences professor Casey Youngflesh, who wasn't part of the study.

Having a species like the king penguin adapt so well to seasonal shifts and timing changes “is unprecedented,” said study co-author Celine Le Bohec, a seabird ecologist at the French science agency CNRS. “It's quite striking.”

Hendrickson joins Ravens, Crosby still on Raiders and QB Jones re-signs with Colts

The Baltimore Ravens landed their star pass rusher in Trey Hendrickson, Maxx Crosby is back in Las Vegas for now and Daniel Jones is staying in Indianapolis as part of a busy start to the new league year.

The biggest move Wednesday came when the Ravens agreed to a four-year, $112 million contract with four-time Pro Bowl defensive end Trey Hendrickson a day after backing out of a deal with the Raiders for Crosby over a failed physical, a person with knowledge of the deal told The Associated Press.

Hendrickson was an All-Pro for Cincinnati in 2024 when he led the NFL with 17 1/2 sacks. He played in only seven games because of injuries last season and had four sacks but has reached double digits in sacks four times in the previous five seasons.

It was a quick pivot for the Ravens after the surprising development Tuesday night when Baltimore pulled out of the trade that was supposed to send two first-round picks to Las Vegas.

A person with knowledge of Baltimore’s decision told the AP that Crosby failed his physical. The person spoke on condition of anonymity because those results are private.