G7 finance ministers discuss releasing emergency oil reservesreleasing emergency oil reserves amid Middle East conflict
G7 finance ministers met in early March 2026 to address surging oil prices above $100 per barrel, driven by a US-Iran war and disruptions in the Middle East. They pledged to take necessary measures, including potential release of strategic petroleum reserves, with the US among early backers. This coordination aims to stabilize global energy markets amid supply crunches at the Strait of Hormuz, as oil volatility threatens economies worldwide.
- The US holds the world's largest strategic petroleum reserve at over 400 million barrels.
- Japan relies almost entirely on imported oil for its energy needs.
- IEA members collectively store 1.2 billion barrels of public emergency oil stocks.
US-Iran Ceasefire War
The United States launched military strikes against Iran on June 26, 2026, in response to a drone attack on a commercial cargo ship in the Strait of Hormuz, calling it a "foolish violation" of the 60-day ceasefire agreement signed just days earlier[2][4][14].
26 June, 09:35 PM
US launches strikes against Iran following commercial ship attack26 June, 04:47 PM
Trump calls Iran drone attack on cargo ship a ceasefire violation
