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Originally published by Capital Business
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business
March 9, 2026
10h ago

G7 nations to hold emergency meeting on oil as stock markets sink

G7 nations to hold emergency meeting on oil as stock markets sink

Global oil prices reached nearly $120 on Monday over fears of a prolonged disruption to energy supplies through the key Strait of Hormuz shipping route and the UK's FTSE 100 share index opened down 1.5%. Kenya breaking news | Kenya news today |..

✨ Key Highlights

G7 nations are convening an emergency meeting to address the economic fallout from the escalating US-Israeli war with Iran, which has sent oil prices soaring and stock markets plummeting.

  • Oil prices surged above $100 a barrel, reaching nearly $120 on Monday.
  • Finance ministers from leading industrialised countries, including UK Chancellor Rachel Reeves, will discuss the impact.
  • A joint release of petroleum from reserves, coordinated by the International Energy Agency, is being considered to mitigate disruptions to supply through the vital Strait of Hormuz.

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