Oil Dips as G7 Weighs Coordinated Reserve Release to Counter Hormuz-Linked Losses
Oil prices pulled back from near $120 a barrel as G7/IEA weigh a coordinated emergency reserve release to offset losses from Middle East disruption; analysts say the relief would be temporary given the timing and scale of a roughly 16 million barrels-per-day shortfall, and a longer-term fix depends on restoring reliable flows through the Strait of Hormuz, with SPR inventories around 416 million barrels.