Impact of US-Israel Attack on Iran, G7 Ready to Release Oil Reserves if Needed

Illustration of a tanker ship transporting liquefied natural gas (LNG) from its terminal. (Diego F. Parra-Unsplash)

G7 finance ministers said they were ready to take any necessary steps to support global energy supplies, including releasing strategic oil reserves.

"We will continue to closely monitor the situation and developments in the energy market and will meet as needed to exchange information and coordinate within the G7 and with international partners," the G7 statement said, quoted by Bloomberg.

The G7 announcement was made on the 10th day of the Israeli-US attack on Iran or Monday, March 9.

Previously, on the same day, France, which is hosting, made a video call to hold a virtual meeting between the G7 countries. The meeting discussed the impact of the US-Israeli war vs Iran on oil and gas prices, global economic conditions, and financial markets.

The topics of regional stability and the importance of safe trade routes were also discussed in the discussion.

The heads of the International Monetary Fund (IMF), the World Bank Group, the Organization for Economic Cooperation and Development, and the International Energy Agency also participated in the discussion.

"We stand ready to take the necessary steps, including to support global energy supplies such as the release of reserves," the statement continued.