Key Takeaways
- Chevron (CVX) secures a 70% operating interest in four major offshore exploration blocks in Greece, marking a significant expansion in the Eastern Mediterranean.
- Eli Lilly (LLY) reports that its Phase 3 LIBRETTO-432 trial met its primary endpoint, demonstrating that Retevmo significantly improves event-free survival in early-stage lung cancer patients.
- US Secretary of State Marco Rubio signals a difficult path for Iran negotiations, insisting that any future deal must address ballistic missiles and regional proxy support.
- Indian Prime Minister Narendra Modi is scheduled to visit Israel on February 25-26, a high-profile trip aimed at deepening strategic and defense ties.
- Italy offers to deploy its Carabinieri police forces to train future Palestinian security units in Gaza, signaling a growing European role in regional stabilization.
Chevron Expands Mediterranean Footprint with Greek Leases
Chevron (CVX) has officially entered a new phase of exploration in the Eastern Mediterranean after signing lease agreements with the Hellenic Republic. The energy giant, through four Dutch subsidiaries, will lead a consortium holding a 70% operating interest in four offshore blocks located south of Crete and the Peloponnese. Its partner, Helleniq Energy, retains the remaining 30% interest in the venture.
The consortium is tasked with completing an extensive 2D and 3D seismic exploration program during the first phase of the leases. These efforts are part of a broader European strategy to diversify energy sources and reduce long-term reliance on Russian natural gas. While seismic research will begin later this year, officials noted that any potential test drilling is unlikely to occur before 2030-2032.
Eli Lilly Achieves Breakthrough in Early-Stage Lung Cancer
Eli Lilly (LLY) announced positive topline results from its Phase 3 LIBRETTO-432 study, evaluating Retevmo (selpercatinib) as an adjuvant therapy. The trial met its primary endpoint, showing a statistically significant improvement in event-free survival (EFS) for patients with early-stage (Stage II-IIIA) RET fusion-positive non-small cell lung cancer (NSCLC).
While overall survival (OS) results currently trend in favor of Retevmo, the data remains immature due to a low number of observed events at this stage. The company plans to present detailed findings at an upcoming medical congress and submit the data to global health authorities. This development could accelerate the adoption of genomic testing for early-stage cancer patients to identify those who could benefit from targeted therapies.
Rubio Expresses Skepticism Over Iran Negotiations
US Secretary of State Marco Rubio has tempered expectations for a diplomatic breakthrough with Tehran, stating that "it's going to be hard making a deal with Iran." Speaking at the Munich Security Conference, Rubio emphasized that the Trump administration requires a comprehensive agreement that goes beyond nuclear restrictions. He insisted that any meaningful deal must also address Iran's ballistic missile program and its sponsorship of regional proxy groups.
Despite the skepticism, Rubio noted that President Trump remains open to a meeting with Iranian leadership if it leads to a "meaningful" resolution. However, the Secretary of State warned that the US retains "a number of options" should negotiations fail to progress. The comments come as the US maintains a high military profile in the region, including the deployment of a second aircraft carrier.
Global Diplomacy: Modi to Israel and Italy’s Gaza Proposal
In a move to strengthen the "tremendous alliance" between India and Israel, Prime Minister Narendra Modi will visit Jerusalem from February 25-26. During the two-day trip, Modi is expected to address the Israeli Knesset and engage in high-level discussions regarding defense cooperation and a potential Free Trade Agreement (FTA). This marks Modi's second visit to the country, following his historic 2017 trip.
Separately, Italian Foreign Minister Antonio Tajani announced that Italy stands ready to train Palestinian police forces in Gaza and the West Bank. Tajani proposed using Italy’s Carabinieri—a paramilitary police force—to conduct training, likely in Jordan. This offer coincides with Italy's €60 million investment in Gaza’s reconstruction and its efforts to support a long-term two-state solution.
US Domestic Outlook: DHS Shutdown Concerns Ebb
On the domestic front, reports from Punchbowl News indicate a lack of urgency in Washington regarding a potential Department of Homeland Security (DHS) shutdown. Despite the looming deadline, legislative leaders appear focused on other priorities during the Presidents Day holiday. Meanwhile, Senator Lisa Murkowski and other moderate voices continue to navigate the internal party dynamics surrounding federal funding and border security.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.