The Group of Seven finance ministers will discuss on Monday a joint release of oil from emergency reserves coordinated by the International Energy Agency, according to a Financial Times report. Three G7 countries have expressed support for the idea. Oil prices surged more than 25 percent on Monday, reaching the highest level since mid-2022, driven by major producers cutting supplies and fears of prolonged shipping disruption due to the expanding US-Israel war against Iran. Global oil prices have jumped to about $110 a barrel, with Brent crude crossing the $110 level. About 10 vessels in or near the Strait of Hormuz have come under attack since Iran blocked the strategic waterway. Israel launched strikes across Iran over the weekend, hitting multiple targets including oil depots. The situation threatens global energy supplies, with predictions that oil prices could breach the $150 a barrel mark if the conflict continues.
#G7 #EmergencyOilReserves #OilPrices #itwebvideos #CrudeOil #BrentCrude #InternationalEnergyAgency #IEA #USIsraelIranWar #StraitOfHormuz #GlobalOilCrisis #WestAsiaConflict #IranIsraelConflict #EnergySupply #OilShortage #GlobalMarkets #FinanceMinisters #OilDepots #ShippingDisruption #GulfStates #SaudiArabia #UAE #Kuwait #Iraq #OilProduction #EnergySecurity #GeopoliticalCrisis
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