Business & Economy3 stories from 1 sources
Oil prices experienced historic volatility, surging to $115 a barrel before a potential release of emergency stockpiles and comments from US President Donald Trump offered some relief, though prices remained elevated and supply chains were in disarray. Further adding to the uncertainty, oil prices dropped significantly after Trump issued a strong warning to Iran against blocking the Strait of Hormuz, a vital shipping route for global energy supplies. In response, G7 nations pledged to take "necessary measures" to support global energy supplies amidst soaring oil prices triggered by the US-Israel conflict with Iran, though a meeting of G7 finance ministers and the International Energy Agency concluded without an immediate agreement to release strategic crude reserves.