G-7 scrambles emergency meeting and could deploy unprecedented oil reserves as prices soar: report

Group 1 - G-7 finance ministers are planning an emergency meeting to discuss a coordinated release of petroleum reserves due to rising oil prices [1] - Oil prices have surged above $100 a barrel following production cuts announced by three countries in the Middle East [1] - The International Energy Agency's executive director, Fatih Birol, will lead a call with G-7 ministers to address the escalating conflict in Iran [1]