G7 Ready to Act on Energy as War Sends Oil to $120, But No Reserve Release Yet
G7 nations say they are ready to take action. They will support the global energy supply if needed. The US-Israel war with Iran has sent oil prices surging. However, a meeting of G7 finance ministers ended without agreement. The International Energy Agency also participated in the talks. They did not agree to release strategic crude reserves.
Oil Price Surge
The oil price reached nearly $120 a barrel on Monday. Fears of lengthy supply disruptions caused the spike. Prices later fell back sharply. President Trump raised hopes the war would soon end.
Markets Deteriorate
Fatih Birol, head of the IEA, addressed the virtual meeting. He said global oil markets “have deteriorated in recent days.” Therefore, this G7 energy measures oil discussion remains urgent.Several options were discussed, including releasing stockpiles. No final decision was reached yet. The situation continues to evolve rapidly.
