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G7 Discusses Oil Prices Amid Iran War and Supply Concerns

3/13/2026

30 6 Full Breakdown

Summary

Story summary

G7 finance ministers met to address oil prices, which topped $119 per barrel amid the Iran war.
They expressed willingness to take necessary measures but did not approve releasing emergency oil reserves.
French Finance Minister Roland Lescure said stockpile releases remain under discussion.
The Strait of Hormuz closure raises global supply concerns.
Japan and South Korea may tap into their reserves.

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Story summary

G7 finance ministers met to address oil prices, which topped $119 per barrel amid the Iran war.
They expressed willingness to take necessary measures but did not approve releasing emergency oil reserves.
French Finance Minister Roland Lescure said stockpile releases remain under discussion.
The Strait of Hormuz closure raises global supply concerns.
Japan and South Korea may tap into their reserves.