G7 Finance Ministers Eye Emergency Oil Reserve Release amid Middle East Tensions

Finance ministers from the Group of Seven (G7) nations will discuss the possibility of releasing emergency oil reserves, a French government source indicated Monday. The talks aim to address soaring oil prices fueled by ongoing Middle East conflicts.

The Financial Times first reported the meeting, which involves the International Energy Agency (IEA). So far, three G7 countries, including the United States, have backed the proposal, according to the FT.

This initiative follows a 25% surge in oil prices, reaching their peak since mid-2022. Contributing factors include supply cuts by major producers and shipping disruptions amidst the escalating U.S.-Israeli conflict with Iran. An IEA representative has yet to comment on the situation.