IEA countries to meet later Tuesday on release of oil reserves, but no decision made yet

Group 1 - Oil prices declined as U.S. President Donald Trump suggested the Middle East conflict could soon end, reducing concerns over prolonged oil supply disruptions [1] - The International Energy Agency (IEA) is holding an extraordinary meeting to discuss the potential release of oil stockpiles to mitigate supply disruptions caused by the Iran war [1][2] - The IEA's member countries, primarily advanced economies, hold approximately 1.2 billion barrels of oil in reserve, with an additional 600 million barrels in industry stocks under government obligation [2] Group 2 - Energy ministers from the G7 nations convened to explore options for addressing the oil supply disruption, with a proposed joint release of 300 million to 400 million barrels, which constitutes 25% to 30% of the IEA's reserves [3] - Oil tanker traffic through the Strait of Hormuz has faced significant disruptions due to threats from Iran, leading to the largest oil supply disruption in history, affecting about 20% of global petroleum consumption [4] - Gulf Arab oil producers have reduced output as they struggle to export crude through the Strait, with Saudi Aramco's CEO warning of catastrophic consequences for the global oil market if the conflict continues [5]