G7 Deliberates on Oil Stock Release Amid Rising Prices

The G7 countries have not yet decided on releasing emergency oil reserves due to the U.S.-Israeli conflict with Iran. Oil prices have soared beyond $119 a barrel. Finance Minister Roland Lescure stated that while they've agreed to use necessary tools, no supply issues have been reported in Europe or the U.S.

The Group of Seven (G7) nations have yet to reach a decision regarding the release of emergency oil reserves in response to the escalating U.S.-Israeli conflict with Iran, according to France's Finance Minister Roland Lescure.

Following an online meeting of G7 finance ministers, Lescure told reporters in Brussels that the group had agreed to utilize any necessary measures to stabilize the market, including potentially releasing oil stockpiles, if required. However, he noted, "We are not there yet."

On Monday, oil prices surged to over $119 a barrel, reaching heights not seen since mid-2022, often driven by reduced supply from major producers and heightened fears of shipping disruptions due to the ongoing conflict. Monitoring the situation closely, Lescure affirmed there are currently no supply issues in Europe or the U.S.

(With inputs from agencies.)