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Oil Prices Surge Amid War; G7 Considers Emergency Measures

3/10/2026

28 2 Full Breakdown

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G7 Addresses Rising Oil Prices

Oil prices have risen about 60% since the war began, with Brent crude near $119 per barrel.
Iraqi oil production has fallen by 70%, and Kuwait has declared force majeure on shipments.
UK pump prices have exceeded 150p per litre, and mortgage rates have risen toward 5%.
G7 finance ministers are set to discuss coordinated oil reserve releases to stabilize markets amid fears of a prolonged conflict and stagflation.

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Israel Strikes Iran

On March 7, 2026, Israel launched airstrikes on Iranian oil fields, targeting about 30 fuel depots.
The strikes pushed up global fuel prices, with Brent crude near $119 per barrel.
U.S. officials were caught off guard, as they anticipated a limited strike.
Iran threatened retaliation.
The G7 considered releasing emergency oil reserves to stabilize markets.

History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo in response to U.S. support for Israel during the Yom Kippur War, leading to a 400% surge in oil prices. This crisis marked a significant shift in global energy dynamics, prompting Western nations to seek energy independence and highlighting vulnerabilities in oil supply chains. The effects of this crisis are echoed in today's geopolitical tensions and rising oil prices.

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G7 Addresses Rising Oil Prices

Oil prices have risen about 60% since the war began, with Brent crude near $119 per barrel.
Iraqi oil production has fallen by 70%, and Kuwait has declared force majeure on shipments.
UK pump prices have exceeded 150p per litre, and mortgage rates have risen toward 5%.
G7 finance ministers are set to discuss coordinated oil reserve releases to stabilize markets amid fears of a prolonged conflict and stagflation.

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