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.
At least 10 people have been killed in Israeli strikes on Lebanon, Beirut's state news agency has said. The wave of attacks come despite a ceasefire ...
A magnitude 5.8 earthquake struck southwest of Greece’s island of Crete on Saturday, with no immediate reports of damage....
One person died after two freight trains collided on a bridge in Munich in the early hours of Saturday, causing two carriages to derail and crash onto...
At least seven people were killed and several others injured after two roadside bombs exploded in quick succession in northwest Pakistan on Saturday ...
Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for ve...
The Netherlands has announced a new €500 million military support package for Ukraine, focused on drones and air defence systems, as Western allies intensify efforts to strengthen Kyiv's position in its war against Russia.
Germany's failure to secure a United Nations Security Council seat has exposed growing questions about its diplomatic influence and moral authority, highlighting the challenges facing Chancellor Friedrich Merz as he seeks to redefine Berlin's role in an increasingly fragmented world.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 17 June, covering the latest developments you need to know.
Indian Prime Minister Narendra Modi said on Tuesday (16 June) that a lack of respect for international law remains the “biggest hurdle” to building international solidarity, as he addressed an outreach session at the G7 Summit in Evian.
One person was killed and dozens injured after two passenger trains collided near Bedford in central England on Friday, prompting a major emergency response, British Transport Police said.
Morocco captain and PSG defender Achraf Hakimi will face trial in France after an appeals court ruled there was enough evidence for the case to proceed.
Israel and Hezbollah have agreed to a ceasefire, a senior U.S. official has said. Hezbollah has released a statement saying Israel must leave southern Lebanon. Israel has said it agrees to the ceasefire, but has said its armed forces won't leave Lebanon and will resume hostilities if attacked.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statement on social media. Khamenei added that he himself "held a different view," to Trump, but allowed the agreement after receiving assurances from Iran's President.
Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for veteran forward Miguel Almirón.
A magnitude 5.8 earthquake struck southwest of Greece’s island of Crete on Saturday, with no immediate reports of damage.
One person died after two freight trains collided on a bridge in Munich in the early hours of Saturday, causing two carriages to derail and crash onto the street below, police said.
A senior aide to Ukrainian President Volodymyr Zelenskyy has said he will return a Polish state honour in protest, after Poland’s president stripped Zelenskyy of the country’s highest award over a historical dispute.
Bolivian President Rodrigo Paz declared a state of emergency early on Saturday, escalating a blockade crisis that has paralysed parts of the country and placed growing pressure on his government.
Morocco captain and PSG defender Achraf Hakimi will face trial in France after an appeals court ruled there was enough evidence for the case to proceed.
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