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G7 finance ministers are reportedly set to discuss a coordinated release of emergency oil reserves on Monday, as governments scramble to contain a sharp surge in crude prices triggered by the war in Iran.
Ministers will hold a call with International Energy Agency (IEA) Executive Director Fatih Birol to assess the impact of the conflict and consider a joint release of petroleum from strategic reserves, according to the Financial Times.
The outlet reported that three G7 countries, including the United States, have expressed support for tapping stockpiles, with some U.S. officials viewing a potential release of 300 million to 400 million barrels, roughly a quarter to a third of the IEA system’s public reserves, as appropriate.
The White House did not immediately respond to Fox News Digital’s request for comment.
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President Donald Trump on Sunday said rising oil prices are a “very small price” for the United States and the world to pay for “safety and peace.”
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump wrote on Truth Social.
Oil prices on Monday morning were sharply higher in early trading, with benchmark crude posting double-digit percentage gains.
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West Texas Intermediate, the key U.S. oil benchmark, was trading at $103.80, up more than 14%, while Brent crude, the international benchmark, stood at $105.88, also up roughly 14%, according to OilPrice.com data.
Other key grades, including Murban and WTI Midland, were also solidly higher, and U.S. Mars crude showed an even steeper jump of nearly 24%.
The IEA says it was founded in 1974 in response to the 1973–1974 oil crisis, with a mandate to help countries coordinate a collective response to major disruptions in oil supply.
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Since then, it has maintained a joint emergency response mechanism designed to stabilize global energy markets and protect the broader economy during periods of severe price volatility.
The agency has activated that system on five occasions, including during the First Gulf War in 1991, after hurricanes Katrina and Rita in 2005, during the 2011 Libyan crisis, and twice following Russia’s invasion of Ukraine in 2022.
