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flag EU and G7 to discuss oil reserve release as prices exceed $100 amid Middle East tensions.

flag The European Union is holding emergency energy coordination meetings amid rising oil prices above $100 per barrel, driven by Middle East tensions. flag While no immediate supply shortage is expected, EU officials, including spokesperson Anna-Kaisa Itkonen, stress concerns over high energy costs affecting consumers and businesses. flag Member states maintain oil reserves covering about 90 days of consumption, meeting EU requirements. flag G7 nations are set to discuss releasing strategic oil reserves during a meeting on March 9, 2026, as global markets remain volatile.

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