G7 weighs using emergency oil reserves amid soaring prices driven by war

PARIS — Finance ministers of G7 countries will discuss Monday whether to use emergency oil reserves amid a spike in energy prices triggered by the U.S. and Israel’s war on Iran.

“The use of strategic reserves is an option being considered,” one French official, granted anonymity because they are not authorized to speak publicly on the matter, said Monday.

French Finance Minister Roland Lescure, who holds the rotating presidency of the G7 finance group, will chair the virtual meeting scheduled for 1:30 p.m.

Talks on using oil reserves — in the range of 300 million to 400 million barrels — were first reported by the Financial Times, which added that the ⁠International Energy Agency would join ​the discussions.

Oil prices surged above $100 a barrel overnight, reaching the highest level since Russia launched its full-scale invasion of Ukraine in 2022.

In a social media post, U.S. President Donald Trump said that prices would “drop rapidly when the destruction of the Iran nuclear threat is over” and added that more expensive oil was “a very small price to pay for U.S.A., and World, Safety and Peace.”