The G7 today made no immediate plan to release oil from strategic reserves in response to the disruptions caused by the US-Iran war.
In a joint statement, G7 ministers said: "We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to co-ordinate within the G7 and with international partners."
"We stand ready to take necessary measures, including to support global supply of energy such as stockpile release," the statement said.
Crude prices rose above $100/bl today for the first time since 2022, driven by concerns that supply disruption from the escalating US-Israeli war with Iran may be prolonged. Today's rally delivered some of the sharpest intraday gains in years and increased pressure on governments to consider steps to stabilise the market.
The IEA said earlier that its members hold more than 1.2bn bl of public emergency oil stocks, and a further 600mn bl of industry stocks held under government obligation.
