The Group of Seven (G7) finance ministers will meet on Monday to discuss a global rise in oil prices and a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reports.
Three G7 countries, including the U.S., have so far expressed support for the idea, the FT said citing sources, and added that the ministers and the IEA Executive Director Fatih Birol will hold a call to discuss the impact of the Iran war.
The report comes as oil prices surged more than 25% on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran.
The IEA and the G7 presidency did not respond to requests for comment outside regular business hours.
Oil prices have surged while global stock markets have tumbled as fears grow that the escalating U.S.- Israeli war with Iran could disrupt energy supplies and drive up costs worldwide.
Brent crude jumped about 27% to $117.58 a barrel, while U.S. crude rose 28% to $116.51- the highest levels since mid-2022. Analysts warn that a prolonged conflict and disruptions around the Strait of Hormuz could push fuel prices even higher.
Countries heavily reliant on energy imports are taking steps to cushion the economic impact.
South Korea plans to cap domestic fuel prices for the first time in nearly 30 years and search for alternative supply routes beyond shipments through the Strait of Hormuz.
Authorities are also considering expanding a $67 billion market-stabilisation programme.
Japan has instructed a national oil reserve facility to prepare for a possible release of crude oil, although the timing remains unclear.
Vietnam plans to temporarily remove fuel import tariffs until the end of April to ensure stable supplies, while Indonesia will increase fuel subsidies to help keep energy prices affordable.
China has asked refiners to halt signing new fuel export contracts and try to cancel shipments already scheduled.
Bangladesh has also introduced emergency measures, announcing that universities will close from Monday and the Eid al‑Fitr holidays will be brought forward to conserve electricity and fuel.
The spike in oil prices has rattled global markets. Japan’s benchmark Nikkei 225 index fell 7%, extending last week’s losses, while South Korea’s market dropped more than 8%.
China reported consumer prices rose 1.3% in February compared with a year earlier, even before the latest oil surge. While higher inflation could add pressure on households, it may also help counter the country’s prolonged period of weak price growth.
With tensions showing no signs of easing and some tankers avoiding the Strait of Hormuz, investors are bracing for a prolonged period of elevated energy costs.
A senior Iranian military officer warned that American troops will become &lsq...
Cuba and the United States have been at odds for more than six decades, with tensions rooted in the 1959 revolution that transformed the island&rsq...
Russian drone attacks on Ukraine have killed four people, Ukrainian officials said on Saturday (28 March). ...
The four astronauts selected for NASA’s Artemis II mission have arrived in Florida, entering the final phase of...
More than 372,000 people were left without electricity in Russia’s southern region of Dagestan after heavy rain triggered severe flooding, of...
After U.S. President Donald Trump said he would pause attacks on Iran’s energy infrastructure for 10 days, G7 Foreign Ministers, including the U.S., called for an end to attacks on civilians in the Iran war.
G7 foreign ministers have condemned attacks on civilians in the Iran war and demanded the free and safe passage of ships through the Strait of Hormuz.
Foreign ministers from the world's leading Western democracies meet in France this week against the backdrop of wars in Iran and Ukraine, economic uncertainty, and mounting unease over an increasingly unpredictable U.S. foreign policy.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 9th of March, covering the latest developments you need to know.
The involvement of Yemen’s Houthis has heightened regional tensions as the Iran-aligned group joins the conflict. The U.S. says it is hopeful of holding talks with Iran in the coming days, while Tehran has said that "talking and bombing is intolerable". Welcome to our live coverage of the conflict.
Cuba and the United States have been at odds for more than six decades, with tensions rooted in the 1959 revolution that transformed the island’s political and economic system. Renewed focus on relations comes as Donald Trump’s rhetoric intensifies and conditions on the island worsen.
The four astronauts selected for NASA’s Artemis II mission have arrived in Florida, entering the final phase of preparations for the first crewed journey towards the Moon in more than five decades
Iranian Military Spokesman Lieutenant Colonel Ibrahim Zulfiqari has warned that American soldiers will become 'food for sharks' if U.S. President Donald Trump launches ground attacks against Iran. The threat comes after the U.S. military said it was deploying thousands of Marines to the region.
China is moving ahead with plans to establish a nationwide long-term care insurance system, aimed at supporting its rapidly ageing population and easing the financial burden on families caring for elderly relatives.
Cuba and the United States have been at odds for more than six decades, with tensions rooted in the 1959 revolution that transformed the island’s political and economic system. Renewed focus on relations comes as Donald Trump’s rhetoric intensifies and conditions on the island worsen.
Russian drone attacks on Ukraine have killed four people, Ukrainian officials said on Saturday (28 March).
Nepal’s ousted former prime minister, KP Sharma Oli, and former home minister Ramesh Lekhak have been arrested over alleged negligence linked to the deaths of protesters during anti-corruption demonstrations last September.
China is moving ahead with plans to establish a nationwide long-term care insurance system, aimed at supporting its rapidly ageing population and easing the financial burden on families caring for elderly relatives.
The U.S. Congress failed on Friday (27 March) to resolve a six-week funding impasse that has disrupted airports and left tens of thousands of federal workers without pay, raising fears of further travel chaos during the busy spring break period.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment