G7 and IEA Discuss Oil Price Surge Amid Middle East Tensions

The International Energy Agency (IEA) and finance ministers from the Group of Seven (G7) held an online meeting to address the sharp rise in oil prices following military actions by the United States and Israel against Iran. According to RTHK, French Finance Minister Bruno Le Maire stated after the meeting that the G7 has not yet decided whether to release oil reserves but agreed to use all necessary means to stabilize the market if needed, including the potential release of reserves. He noted that there are currently no supply issues in Europe or the United States. Japanese Finance Minister Shunichi Suzuki mentioned that the IEA called for a coordinated release of emergency oil reserves during the meeting. Given the current situation, the G7 agreed to continue closely monitoring energy market dynamics and take necessary measures to support global energy supply, including releasing oil reserves. Suzuki also noted that senior officials from the Organization for Economic Cooperation and Development (OECD), the World Bank, and the International Monetary Fund (IMF) participated in the meeting. She indicated that the G7 will soon convene an energy ministers' meeting to discuss further actions. Following the meeting, the price increase of crude oil futures narrowed. London Brent crude oil was earlier reported at $101.15 per barrel, with an increase of over 9%. New York crude oil prices fell below $100, earlier reported at $98.76 per barrel, with an increase of nearly 9%.