Surging oil prices rush G7 to consider emergency reserve release

On March 9, finance ministers of the G7 countries are set to discuss a joint release of oil from emergency reserves, coordinated by the International Energy Agency (IEA), the Financial Times reports.

Three G7 members, including the United States, have already expressed support for the proposal.

FT says the ministers and the IEA Executive Director ​Fatih Birol will hold a call ​to discuss the impact of the Iran ‌war.

The ⁠report comes as oil prices surged more than 25% on March 9 to their highest levels since mid-2022 as some ​major producers ​cut ⁠supplies and fears of prolonged shipping disruptions gripped the ​market due to the expanding ​U.S.-Israeli ⁠war with Iran.