G7 to Weigh Emergency Oil Reserve Release Amid Gulf War, Crude Prices Soar Past $116: Report

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G7 to Discuss Emergency Oil Release as Gulf War Fuels Price Surge Above $116

Emergency meeting with IEA chief Fatih Birol comes as Brent crude jumps 24% and global markets react to supply fears triggered by the Gulf conflict.

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Moneycontrol•09-03-2026, 11:13

G7 to Discuss Emergency Oil Release as Gulf War Fuels Price Surge Above $116

•G7 finance ministers to hold emergency call Monday to discuss releasing strategic petroleum reserves.
•Decision follows crude prices soaring above $116 per barrel due to the conflict in the Gulf.
•Proposed release could be 300-400 million barrels, representing 25-30% of IEA member countries' reserves.
•Rising oil prices risk global inflation, threaten economic growth, and have caused market volatility.
•IEA, established in 1974, has coordinated five emergency releases previously, most recently in 2022.

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