G7 Considers Releasing Oil Reserves Amid Mideast Crisis

G7 finance ministers will discuss releasing strategic oil reserves Monday to stabilize markets rocked by Middle East tensions. France, holding the presidency, confirmed the option is under review alongside economic impacts of recent Gulf events. Oil prices surged 30% Monday on supply fears but fell after reports of G7 coordination. US President Trump called the price spike a "small price to pay" to counter Iran's nuclear threat, while the IEA (created after 1973 crisis) coordinates emergency reserves covering 90 days of imports. This affects global fuel prices that impact Nigerian consumers.

SOURCE: https://www.channelstv.com/2026/03/09/g7-to-discuss-releasing-strategic-oil-reserves/