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 source: https://www.binance.com/en/square/post/299744123930578?utm_source=BinanceNewsRSS