G7 nations to hold emergency meeting on oil as stock markets sink

"Global oil prices reached nearly $120 on Monday over fears of a prolonged disruption to energy supplies through the key Strait of Hormuz shipping route and the UK's FTSE 100 share index fell 1.5%. The Financial Times reported the G7 meeting will discuss a joint release of petroleum from reserves, co-ordinated by the International Energy Agency (IEA)."

"About a fifth of the world's oil supply is usually shipped through the Strait of Hormuz. But traffic through the narrow passage has all but halted since the war started more than a week ago."

"On Monday morning in Asia, the price of Brent crude jumped by more than 25% to touch $119.50 a barrel at one point before falling back to around $107."

G7 finance ministers, including UK Chancellor Rachel Reeves, are holding an emergency meeting to address economic impacts of escalating US-Israeli conflict with Iran. Oil prices have surged to nearly $120 per barrel due to fears of disrupted energy supplies through the Strait of Hormuz, a critical shipping route carrying approximately one-fifth of global oil supply. The FTSE 100 fell 1.5% amid market volatility. The G7 is considering coordinated release of petroleum reserves through the International Energy Agency, marking the first such action since 2022 following Russia's Ukraine invasion. Traffic through the Strait of Hormuz has nearly halted since conflict began, threatening global energy prices for consumers and businesses worldwide.

Read at www.bbc.com