G7 mulls tapping emergency oil reserves to curb price surge

G7 finance ministers are weighing a coordinated release of strategic oil reserves to blunt a sharp price surge driven by the Ukraine war and Iran tensions, aiming to avert a global energy shock and inflation spike. Oil briefly neared $118 a barrel before easing to about $104, with officials noting the reserves (300–400 million barrels) are modest and that past releases in 2011 and 2022 helped stabilize markets; the IEA’s potential involvement underscores the crisis-level risks to growth and central-bank policy.