G7 won’t release oil reserves yet to quell surging oil prices amid Iran war

G7 finance ministers said they were monitoring the situation and were prepared to implement 'necessary measures,' but stopped short of committing to release emergency reserves.

G7 nations said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices but stopped short of committing to release emergency reserves, despite crude prices briefly surpassing $119 a barrel as the U.S.-Israel war on Iran continues.

“We are not there yet,” French Finance Minister Roland Lescure told reporters in Brussels, after hosting a teleconference meeting of G7 finance ministers.

A final statement following the meeting said the ministers “will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G7 and with international partners.”

“We stand ready to take necessary measures, including to support global supply of energy such as stockpile release,” it added.

Oil prices hit their highest levels since mid‑2022 on Monday, propelled by fears of prolonged shipping disruption and reduced output from some major producers wary of the conflict escalating. However, the market reversed late in the day, with benchmarks falling below $90 a barrel, after President Donald Trump told CBS News that the war was “pretty much” complete.

Canada’s Finance Minister François-Philippe Champagne told reporters in Ottawa there will be “further consultation,” including among G7 energy ministers, before any action is taken.

“It’s very volatile,” he said. “I mean, what we’re all ensuring is that there would be a sufficient stock, obviously, to meet the demand. As you know, there’s stock of oil on water, as they called it, there is also discussion with respect to removing the choke point on the Strait of Hormuz.

“But what should reassure markets, should bring confidence, and should re-establish certainty is that the G7 is united, committed to work together, monitoring, like you said, the market, monitoring the stock of oil and energy, and ensuring that we are coordinated in our approach. That was really the outcome of this morning.”