G7 to take ‘necessary measures’ to support energy supplies
The oil price reached nearly $120 a barrel on Monday over fears of a lengthy disruption to supplies, leading to global stock markets falling. Kenya breaking news | Kenya news today |..
✨ Key Highlights
G7 nations have pledged to take "necessary measures" to support global energy supplies amidst soaring oil prices triggered by the US-Israel conflict with Iran. A meeting of G7 finance ministers and the International Energy Agency (IEA) concluded without an immediate agreement to release strategic crude reserves.
- Oil prices surged to nearly $120 a barrel over fears of supply disruptions.
- G7 nations and the IEA discussed releasing emergency oil stocks, which total over 1.2 billion barrels.
- The UK's Chancellor Rachel Reeves called for "immediate de-escalation" in the Middle East to ensure security for ships in the region.
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Oil Prices Volatile After Trump Iran Warning, Strait of Hormuz Threat - March 2026
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 remain elevated. Saudi Aramco CEO Amin Nasser warned that regional military escalation is causing significant shipping and insurance disruptions, impacting global oil markets. 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 no immediate agreement to release strategic reserves was reached.
