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.
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Finance leaders from the Group of Seven (G7) have indicated they are prepared to step in if needed, to shield the global economy from the fallout of the war involving Iran, as concerns grow over rising energy prices and supply disruptions.
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.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
British paratroopers and military medics have been deployed to Tristan da Cunha after a suspected hantavirus case was confirmed, as first evacuation flights carrying passengers from the stricken MV Hondius cruise ship left Tenerife for Madrid and Paris.
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing war in Ukraine, now in its fourth year.
Indonesian rescue teams have located two Singaporeans who went missing after Mount Dukono erupted on Friday (8 May) on the island of Halmahera, though authorities say it remains unclear whether they are alive.
The U.S. Defense Department has released dozens of previously classified files on unidentified anomalous phenomena (UAP) on Friday (8 May), following an order from President Donald Trump. U.S. officials described as a push for “unprecedented transparency”.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
Centre-right leader Péter Magyar was sworn in as Hungary’s prime minister on Saturday, propelled into office on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orbán.
The United Nations Committee on the Elimination of Racial Discrimination (CERD) has warned that France risks undermining the self-determination rights of the Kanak Indigenous People in New Caledonia amid proposed political and constitutional reforms.
Somalia is facing a severe malnutrition crisis and urgently needs additional humanitarian funding to prevent conditions deteriorating further, the World Food Programme has warned.
British Prime Minister Keir Starmer vowed to carry on as leader on Friday (8 May) after his ruling Labour Party suffered heavy losses in local elections. Labour lost hundreds of councillors across the country, as some figures in the party said he should stand down.
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