G7 to Tap Oil Reserves Amid Iran-US Conflict

0:00On March 9th, G7 Finance Ministers are gearing up for an urgent call to discuss tapping into emergency oil reserves. This comes after the U.S.-Israel conflict with Iran drove crude prices above $100 a barrel for the first time since 2022. The meeting, Sep. 830 AM New York time, is coordinated by the International Energy Agency. Oil benchmarks like Brent Crude spiked as high as $119.50 early Monday before easing to around $106.73. Asian stock markets tumbled on fears of supply disruptions, while strikes hit at least five energy sites near Tehran and Kuwait cut production as a precaution. President-elect Donald Trump called the price jump a small short-term cost for global safety despite his pledges to fight inflation. Iranian officials warned that further strikes could push prices over $200 a barrel, heightening tensions. 3G-7 nations, including the U.S., back a release of $300 million to $400 million barrels from the IEA stockpile of about $1.2 billion barrels total.

1:09That's roughly a quarter to a third of the reserves held by the agency's 32 members. As markets watch closely, this coordinated response could help stabilize prices if approved, building on past IEA actions during crises like Russia's. Invasion of Ukraine.