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.
Iranian President Masoud Pezeshkian has accused the U.S. and Israel of seeking to foment internal divisions in Iran after failing to defeat the cou...
North Korea has dismissed as a “farce” Seoul’s claim that Pyongyang was responsible for a landmine explosion south of the Militar...
Saudi Arabia and the United Arab Emirates have renewed high-level contact as a Houthi offensive in Yemen increases pressure on Riyadh and raises co...
The European Union's decision to simultaneously advance accession talks with Ukraine, Moldova, Montenegro and Albania marks its most ambitious enlargement effort in more than two decades.
U.S. President Donald Trump has denied reports that he offered Iran sanctions relief and access to frozen funds in exchange for nuclear concessions.
Iranian President Masoud Pezeshkian has accused the U.S. and Israel of seeking to foment internal divisions in Iran after failing to defeat the country militarily, Iran's state news agency IRNA reported.
Ukrainian President Volodymyr Zelenskyy said on Monday that more than 8,000 North Korean troops are currently in Russia, with preparations under way to send another 10,000.
Russian strikes hit Kyiv and Ukraine’s Black Sea region of Odesa overnight into Tuesday, damaging infrastructure and civilian sites, while Moscow said it had also targeted vessels carrying military cargo.
North Korea has dismissed as a “farce” Seoul’s claim that Pyongyang was responsible for a landmine explosion south of the Military Demarcation Line that injured three South Korean soldiers.
Saudi Arabia and the United Arab Emirates have renewed high-level contact as a Houthi offensive in Yemen increases pressure on Riyadh and raises concerns over security around a crucial Red Sea shipping route.
The Spanish government has unveiled plans to extend protections against evictions until the end of 2030 as it seeks to address growing concerns over housing affordability and tenant security.
Here's your AnewZ Daily Brief for 30 September 2026. These are the top five stories making headlines in Europe.
The U.S. Senate has blocked a resolution that would have required President Donald Trump’s administration to report to Congress on alleged human rights violations and rising violence in the West Bank.
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