PARIS — G7 finance ministers will discuss on Monday the possibility of using strategic oil reserves amid a sharp rise in energy prices, triggered by the U.S. and Israel’s war against Iran. A French official, granted anonymity as they are not authorized to speak publicly on the matter, stated on Monday: “The use of strategic reserves is an option being considered.”
As reported by POLITICO, France’s Finance Minister Roland Lescure, who holds the rotating presidency of the G7 finance group, will host a virtual meeting scheduled for 1:30 PM. Discussions regarding the use of oil reserves — totaling between 300 and 400 million barrels — were first reported by the Financial Times, which added that the International Energy Agency would join the talks.
Surging Prices and Leaders’ Statements
Oil prices jumped overnight above $100 per barrel, reaching their highest level since Russia’s full-scale invasion of Ukraine in 2022. U.S. President Donald Trump stated in a social media post that prices “will quickly drop once the destruction of the Iranian nuclear threat is complete,” adding that more expensive oil is “a very small price to pay for the safety and peace of the U.S. and the world.”
