G7 nations plan to release 300–400 million barrels of oil reserves to counter rising prices from Middle East tensions.

G7 finance ministers are holding emergency talks to discuss a coordinated release of strategic oil reserves, led by the IEA, amid rising global oil prices fueled by Middle East tensions. The U.S., Japan, and others support releasing 300–400 million barrels—about 25–30% of IEA members’ emergency stocks—to stabilize markets. Prices had surged to near $117 per barrel after U.S.-Israel strikes on Iran, raising concerns over shipping disruptions. While the release could ease inflationary pressures, physical oil will take weeks to reach markets, and long-term stability depends on geopolitical developments.