"G7 finance ministers will discuss the release of the reserves in a call coordinated by the International Energy Agency (IEA), according to a report from the Financial Times. The emergency meeting will take place at 8.30am New York time to discuss the impact of the Iran war, the FT reported, citing unnamed people familiar with the matter."
"US officials believe a joint release in the range of 300m to 400m barrels would be appropriate, which would reportedly represent 25% to 35% of the 1.2bn barrels in reserve. Oil prices rose and stock markets in Asia fell on Monday morning after continued violence in the Middle East fed investor concerns around a supply crunch."
"The strait of Hormuz, through which about a fifth of global oil and seaborne gas tankers typically pass, has been in effect closed for a week. Brent crude, the international benchmark, jumped by as much as 29% to $119.50 a barrel in early trading on Monday."
G7 finance ministers are preparing an emergency coordinated call through the International Energy Agency to address oil market volatility triggered by Middle East tensions. Crude prices surged above $100 per barrel for the first time since 2022 after US-Israel military actions against Iran. Three G7 countries, including the US, support releasing emergency reserves, with US officials proposing a joint release of 300-400 million barrels, representing 25-35% of the 1.2 billion barrels held globally. The conflict has disrupted regional energy infrastructure, with strikes hitting Iranian sites and Kuwait announcing production cuts. The Strait of Hormuz, critical for global oil transport, has been effectively closed for a week, intensifying supply concerns and triggering significant market volatility.
Read at www.theguardian.com
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