The next maritime crisis will not wait for Washington to create an insurance portal, identify eligible ships, find escorts, negotiate policy language and determine which cargo should move first.

The most important feature of the Venezuela agreement may not be the number of barrels underground. It may be the range of choices those barrels could give the United States. They could provide domestic price insurance, military fuel, refinery feedstock, diplomatic barter, sanctions resilience, investment income and leverage against both China and OPEC.

Philippine Defense Secretary Gilberto Teodoro told lawmakers that Manila intends to expand military drone capabilities, improve secure communications and acquire additional guided-missile corvettes.