The G7 nations, in coordination with the International Energy Agency (IEA), plan a record release of emergency oil reserves to combat surging prices driven by the US-Israel war.

• The IEA has requested its 32 member states release 400 million barrels of oil, significantly more than a previous intervention.
• Key figures involved include Germany's economy minister Katherina Reiche, who confirmed Germany will comply, and Austria and Japan have also committed.
• While this move aims to stabilize prices, experts caution it is a short-term solution, with concerns also raised about refining capacity and the inability to repeat such releases.