G7 Ministers Meet on Oil Reserves Release

0:00On March 9th, group of seven finance ministers are set to meet on Monday to talk about releasing oil from emergency reserves and a coordinated move lead by the International Energy Agency. Three of those countries, including the United States, have already backed the plan according to sources close to the discussions. Meanwhile, the ministers will join a call with the agency's executive director, Fatih Barol, to assess how the war involving Iran is shaking up energy. Markets. Oil prices shot up more than 25 percent on Monday, hitting their highest points since the middle of 2022 as major. Producers trim supplies and worries, grew over shipping delays tied to the expanding conflict between the US, Israel, and Iran. Neither the agency nor the G7 presidency has commented so far, but all eyes remain on whether this release could help steady prices amid the ongoing tensions.