G7 nations will hold an emergency meeting today to discuss surging oil prices.
Crude has been impacted and stock markets slumped over the escalating US-Israeli war with Iran.
Global oil prices reached nearly $120 on Monday over fears of a prolonged disruption to energy supplies through the key Strait of Hormuz shipping route and the UK’s FTSE 100 share index fell 1.3%.
According to The Financial Times, the G7 meeting will discuss a joint release of petroleum from reserves, co-ordinated by the International Energy Agency (IEA).
If reserves are released by IEA members, it would be the first time since 2022, when action was taken following Russia’s full-scale invasion of Ukraine.
