Group of Seven finance ministers will discuss a possible joint release of oil from reserves co-ordinated with the International Energy Agency, the Financial Times reports.
The ministers will hold a call at 8:30 a.m. New York time on Monday, the newspaper reports, citing people with knowledge of the matter. Three G-7 countries, including the US, have expressed support for the strategy, the FT says.
WTI crude oil futures shrank gains to 13.65% after an initial jump of 30%; Brent oil futures jumped 16.47% to $107.96 a barrel.
Trump has been under huge pressure to contain the oil price surge, but Washington has so far hesitated to tap its strategic petroleum reserve. Unfortunately for the administration, other floated options, like intervening in futures markets, look even more challenging.
There have been five coordinated emergency oil stock releases by the International Energy Agency, including two in 2022 after Russia’s invasion of Ukraine.
