G7 to discuss joint release of emergency oil reserves, FT reports

Group 1 - The G7 finance ministers are set to discuss a coordinated release of oil from emergency reserves, with support from three G7 countries including the U.S. [1] - Oil prices have surged over 25% to their highest levels since mid-2022, driven by supply cuts from major producers and concerns over shipping disruptions due to the ongoing U.S.-Israeli war with Iran [1] - The International Energy Agency (IEA) will be involved in discussions regarding the impact of the Iran war on oil markets [1]