G7's Strategic Dilemma Amid Surging Oil Prices

G7 nations are prepared to take measures against rising global oil prices but have not committed to releasing emergency reserves. Crude prices briefly surged to $119 a barrel due to the ongoing U.S.-Israel conflict with Iran. G7 leaders remain cautious, preferring further analysis before potential stockpile release.

G7 nations signaled readiness on Monday to address soaring global oil prices, although they have not yet committed to unlocking emergency reserves. This comes as crude prices momentarily hit $119 a barrel amid the ongoing U.S.-Israel conflict with Iran.

French Finance Minister Roland Lescure, following a G7 finance ministers meeting, stated that while the group is not at the point of releasing reserves, they plan to utilize necessary market-stabilizing tools, including possible stockpile releases. Oil prices peaked at their highest since mid-2022 but fell below $90 a barrel after President Donald Trump's statement to consider the conflict nearly resolved.

The G7 maintains broad consensus on not releasing reserves presently, opting for more analysis. French Minister Lescure indicated no current supply issues in Europe or the U.S. The G7 and the International Energy Agency, based in Paris, remain ready to bolster global energy supply if needed.

(With inputs from agencies.)