G7 Nations Pledge Energy Support Amid Iran War, But No Deal on Oil Reserves Release
The G7 nations have stated they are prepared to take "necessary measures" to support global energy supply following the US-Israel war with Iran, which has sent oil prices surging. However, a virtual meeting of G7 finance ministers and the International Energy Agency (IEA) concluded without an agreement to release strategic crude reserves. Fatih Birol, head of the IEA, warned that global oil markets "have deteriorated in recent days," citing challenges in transit through the Strait of Hormuz and a substantial curtailment of oil production, which he said is creating significant and growing market risks.











