G7 nations have signalled they are prepared to take “necessary measures” to support global energy supplies after the US‑Israel war with Iran sent oil prices soaring but the group stopped short of agreeing to release emergency crude reserves.
Oil briefly surged to nearly $120 a barrel on Monday amid fears of prolonged disruption, before falling sharply after President Trump suggested the conflict could soon ease.
During a virtual meeting with G7 finance ministers, International Energy Agency (IEA) chief Fatih Birol warned that global oil markets “have deteriorated in recent days.” He cited both the threat to transit through the Strait of Hormuz and significant production losses across the region.
Birol noted that IEA member states collectively hold more than 1.2 billion barrels of public emergency stocks, with another 600 million barrels in industry reserves under government obligation.
Although the release of strategic reserves was discussed, French finance minister Roland Lescure said, “we are not there yet.” If triggered, it would mark the first coordinated stockpile release since 2022, following Russia’s full‑scale invasion of Ukraine.
In a joint statement, the G7 said:
“We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”
UK Chancellor Rachel Reeves added that Britain used the meeting to call for “immediate de‑escalation” in the Middle East and for guarantees of maritime security, particularly for ships navigating the region’s critical chokepoints.
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