As tensions in West Asia escalate following the US-Israel war with Iran, Finance Ministers from the Group of Seven (G7) nations and the International Energy Agency (IEA) held urgent talks on stabilising global energy markets amid a sharp spike in oil prices. This comes after crude oil breached past $100 a barrel mark.
While the ministers signalled readiness to take “necessary measures” to secure global energy supply, the meeting ended without an immediate decision to release strategic oil reserves, highlighting the delicate balance between market stability and geopolitical uncertainty.
Why the G7 held emergency energy talks
The virtual meeting was convened as oil markets reacted sharply to intensifying conflict in the Gulf region, raising fears of major disruptions to global supply chains.
Oil prices surged close to $120 per barrel on Monday (March 9, 2026), driven largely by concerns that the fighting could disrupt shipments through the Strait of Hormuz, one of the world’s most critical energy chokepoints. Around 20% of the world’s oil supply normally passes through the narrow strait.
Shipping traffic has largely stalled since the conflict began more than a week ago, heightening global energy security concerns. Fatih Birol, Executive Director of the International Energy Agency, warned during the meeting that the situation in global oil markets had “deteriorated in recent days.”
He pointed to two major risks – curtailment of oil production in parts of the region, and potential disruption to shipping through the Strait of Hormuz.
Together, these developments are creating “significant and growing risks for the market,” Birol said.
Did G7 nations decide to release oil reserves?
Despite the rising pressure on energy markets, ministers stopped short of agreeing to release strategic oil stockpiles. IEA member countries collectively hold more than 1.2 billion barrels of public emergency oil reserves, around 600 million barrels of industry stocks held under government obligation.
These reserves could be deployed if supply disruptions worsen.
However, French Finance Minister Roland Lescure said the situation has not yet reached the point where such a step is necessary, noting: “We are not there yet.” If the reserves were eventually released, it would mark the first coordinated intervention since 2022, when the IEA tapped emergency supplies following Russia’s invasion of Ukraine.
Calls for de-escalation in the middle east
Beyond energy market stability, several ministers used the meeting to stress the need for urgent diplomatic de-escalation in the region. UK Chancellor Rachel Reeves said Britain had pushed for immediate efforts to calm the conflict and ensure the safety of commercial shipping routes in the Gulf.
She also indicated that the UK is ready to support a coordinated release of emergency oil reserves if needed.
In a joint statement after the meeting, G7 countries said they stand prepared to take “necessary measures” to maintain stable global energy supplies, including potential stockpile releases.
How Iran war is disrupting energy infra
The meeting came after fresh waves of US and Israeli airstrikes targeted sites across Iran, including energy infrastructure such as oil depots. Iran has also expanded its response beyond its borders. Over the weekend, energy facilities across the Gulf region came under threat, Saudi Arabia intercepted drones heading toward a major oilfield.
The attacks have heightened fears that critical energy infrastructure in the Gulf could become direct targets, potentially triggering wider supply shocks.
Oil prices swing amid Trump’s war comments
Energy markets also reacted to comments from US President Donald Trump, who suggested the conflict could end soon. After briefly touching nearly $119.50 per barrel, Brent crude prices fell sharply to below $90 following Trump’s remarks that the war was “pretty much complete.”
Trump has previously downplayed concerns about rising oil prices, writing on his Truth Social platform that temporary price spikes are a small cost for eliminating Iran’s nuclear threat.
For now, the G7 has chosen to keep emergency energy measures on standby, while monitoring how the conflict in West Asia unfolds.