G7 Energy Ministers Call for IEA Assessment as Oil Prices Fluctuate

G7 energy ministers refrained from releasing strategic oil reserves, instead asking the International Energy Agency to assess the situation. They discussed actions to stabilize soaring energy prices due to the Iran crisis. Oil prices dropped 7% following optimism from President Trump, while EU leaders continue seeking solutions to high energy costs.

In a significant move, energy ministers from the G7 countries have opted against an immediate release of strategic oil reserves, choosing instead to call upon the International Energy Agency (IEA) for a comprehensive assessment of the current situation. This decision was made during a pivotal call on Tuesday, which saw energy ministers seeking methods to tackle the escalating energy prices linked directly to geopolitical tensions in Iran.

Following intense discussions, French Finance Minister Roland Lescure emphasized the consensus among ministers to stabilize the market, including the participation of the United States. "We have tasked the IEA with preparing scenarios for a potential release of oil stocks; readiness is key," he stated to the press after the discussions concluded.

The recent fluctuations in oil prices saw a dramatic 7% drop after U.S. President Donald Trump speculated on a potential resolution to the Middle East conflict, alleviating concerns over prolonged supply disruptions. Meanwhile, European officials remain vigilant amid fears of an energy crisis reminiscent of 2022, highlighting the EU's dependence on costly fossil fuel imports.

(With inputs from agencies.)