G7 finance ministers to discuss releasing emergency oil reserves—media reports

Investing.com - According to media reports, the G7 advanced economies will discuss the possible release of strategic oil reserves to help ease supply disruptions caused by ongoing conflicts with Iran.

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The Wall Street Journal, citing officials from France and the European Union, reported that G7 finance ministers will meet today to discuss the conflict and its impact on the global economy. The Financial Times also previously reported on this matter.

As news of this emerged on Monday, oil prices surged above $100 per barrel, approaching levels seen during the COVID-19 pandemic, reflecting market concerns that the escalating conflict may not ease in the short term.

Supporting these concerns is the appointment of Mojtaba Khamenei as Iran’s next Supreme Leader. He is the son of former leader Ayatollah Ali Khamenei, who was killed in the joint U.S.-Israel airstrike when the conflict erupted on February 28. U.S. President Donald Trump called Mojtaba Khamenei an “unacceptable” candidate.

Meanwhile, violent clashes that have already swept through much of the Middle East continue. Iran has launched attacks on Israel and countries in the Persian Gulf allied with the U.S., while weekend bombings targeted Iran’s fuel storage facilities.

(Reuters contributed to this report.)

(This is developing news. Please check back later for updates.)

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