March 9, 2026

G7 Holds Off on Releasing Emergency Oil Reserves

Oil jumps about 25 percent to its highest since 2022 as the Middle East conflict rattles markets.

G7 Holds Off on Releasing Emergency Oil Reserves

TL;DR

  • G7 countries have not decided whether to release emergency oil reserves.
  • They have agreed to use necessary tools to stabilize the market, including potential stockpile releases.
  • Oil prices increased by about 25 percent on March 9, reaching their highest since mid-2022.
  • The surge is linked to the U.S.-Iran conflict, which has affected the Strait of Hormuz.
  • The Strait of Hormuz accounts for 20 percent of global oil and LNG supply.

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