As we’ve been reporting, the benchmark oil price passed $100 a barrel earlier for the first time since 2022, although has dipped slightly under since then.
Now, the Financial Times reports that G7 finance ministers will hold an emergency meeting on Monday to discuss a possible joint release of oil reserves to tackle the surge in prices.
The oil reserves are co-ordinated by the International Energy Agency (IEA), with 32 members of the group holding strategic reserves as part of a collective emergency system designed for oil price crises.
Three G7 countries, including the US, have so far expressed their support for a possible joint release, according people familiar with the talks, the FT reports.