G7 weighs emergency oil reserve release as prices surge

Finance ministers from the Group of Seven (G7) are set to hold emergency talks on March 9 to discuss the possibility of jointly releasing oil from strategic reserves in an effort to stabilise global energy markets.

According to a report by the Financial Times, the potential coordinated release would be organised through the International Energy Agency (IEA) to help curb surging global oil prices driven by the escalating conflict in the Middle East.

The report said that three G7 countries, including the United States, have already expressed support for the proposal, although the identities of the other two countries have not been disclosed.

The emergency discussions come after the war between the United States and Israel and Iran triggered a sharp rise in crude prices, prompting several countries to consider tapping their strategic petroleum reserves to ease tight global energy supply.

Oil prices surged about 25% on Monday, reaching their highest level since mid-2022.

Brent crude climbed to $119.50 per barrel, while West Texas Intermediate (WTI) rose to $119.48 per barrel, marking one of the largest daily increases in both percentage and price terms.