Leaders of the Group of Seven (G7) said they are ready to take action to protect global energy supplies after the conflict involving United States, Israel, and Iran pushed oil prices sharply higher. Finance ministers met with the International Energy Agency (IEA) to discuss possible responses, including releasing emergency oil reserves, though no final decision was made.
The price of Brent crude oil briefly climbed close to $120 per barrel as fears grew that the conflict could disrupt energy supplies, especially through the Strait of Hormuz, a key route that normally carries about 20% of the world’s oil shipments.
“IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.”
Following the meeting, French finance minister Roland Lescure said, “we are not there yet,” on the question of whether emergency stocks will be released.
If reserves are released it would be the first time since 2022 following Russia’s full-scale invasion of Ukraine.
In a statement following the meeting, the G7 said: “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”
The G7 said it stands ready to support energy markets if needed, including releasing oil from reserves, but emphasized that reducing tensions in the Middle East remains the priority.
