Finance Ministers and Central Bank Governors pose for the family picture at the G7 Finance Ministers meeting in Stresa, northern Italy. File | Photo Credit: AP The Group of Seven (G7) Finance Ministers will discuss on Monday (March 9, 2026) a joint release of oil from emergency reserves coordinated by the International Energy Agency, the Financial Times reported. Three G7 countries, including the U.S., have so far expressed support for the idea, the report said citing sources, and added that the Ministers and the IEA Executive Director Fatih Birol will hold a call to discuss the impact of the Iran war. West Asia conflict oil hike, market reactions LIVE updates The report comes as oil prices surged more than 25% on Monday (March 9) to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran. The IEA and the G7 presidency did not respond to requests for comment outside regular business hours. Published – March 09, 2026 12:01 pm IST Share this: Click to share on WhatsApp (Opens in new window) WhatsApp Click to share on Facebook (Opens in new window) Facebook Click to share on Threads (Opens in new window) Threads Click to share on X (Opens in new window) X Click to share on Telegram (Opens in new window) Telegram Click to share on LinkedIn (Opens in new window) LinkedIn Click to share on Pinterest (Opens in new window) Pinterest Click to email a link to a friend (Opens in new window) Email More Click to print (Opens in new window) Print Click to share on Reddit (Opens in new window) Reddit Click to share on Tumblr (Opens in new window) Tumblr Click to share on Pocket (Opens in new window) Pocket Click to share on Mastodon (Opens in new window) Mastodon Click to share on Nextdoor (Opens in new window) Nextdoor Click to share on Bluesky (Opens in new window) Bluesky Like this:Like Loading... Post navigation West Asia conflict: India favours peace, return to dialogue, diplomacy, says EAM Jaishankar Class 10 student dies as thatched hut catches fire near Minjur