Oil Market Turmoil: G-7 Not Yet Agreed on Releasing Strategic Reserves Amid Iran War

• G-7 nations have not yet reached a full consensus on releasing strategic oil reserves despite market uncertainty due to the Iran war.
• French Finance Minister Roland Lescure confirmed the G-7 is monitoring the situation and will act if instability increases.
• Tensions in West Asia and disruptions in the Strait of Hormuz are pressuring global oil supply, leading to price surges.
• Major producers like Saudi Arabia, Kuwait, Iraq, and UAE are reducing output due to export difficulties.
• Strategic reserves were previously released during the Russia-Ukraine war, Libya crisis, Hurricane Katrina, and the first Gulf War.