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G7 finance ministers will on Monday discuss the possible release of emergency oil reserves, Reuters reported citing a French government source as saying in response to surging oil prices resulting from the Middle East conflict.
The talks were first reported by the Financial Times, which said the International Energy Agency would join the discussions.
Three G7 countries, including the U.S., have so far expressed support for the idea, the FT said, citing sources.
The report came as oil prices surged more than 25% on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran, Reuters reported.