The G7 is reportedly considering the release of oil reserves for emergencies during the Iran war
Gulf Oil’s chief energy adviser Tom Kloza joins ‘Mornings with Maria’ to weigh in on the explosion in oil prices as the Strait of Hormuz crisis shakes global markets.
G7 finance ministers are expected to discuss a coordinated release of emergency oil reserves on Monday, as governments scramble to stem a spike in crude prices caused by the Iran war.
The ministers will hold a conference call with the Director General of the International Energy Agency (IEA) Fatih Birol to assess the impact of the conflict and consider the joint release of fuel from strategic reserves, according to the Financial Times.
The outlet reported that three G7 countries, including the United States, have expressed support for cutting supplies, and some American officials are looking at the release of about 300 to 400 million barrels, about a quarter to a third of the public reserves of the IEA plan, as it should.
The White House did not immediately respond to Fox News Digital’s request for comment.
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Signs that read “out of stock” are displayed at a gas station during a fuel price hike in Manila on March 9, 2026. (Jam Sta Rosa/AFP via Getty/Getty Images)
President Donald Trump on Sunday said the increase in oil prices is “a very small price” for the United States and the rest of the world to pay for “security and peace.”
“Temporary oil prices, which will drop as soon as the destruction of the nuclear threat in Iran is over, is a very small price to pay for the USA, and the World, Safety and Peace. THE ONLY ERRORS THAT CAN’T THINK DIFFERENTLY!” Trump wrote on Truth Social.
Oil prices were higher on Monday morning in early trading, with benchmark crude posting a 2 percent gain.
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‘The Big Money Show’ panel breaks down historic oil levels above $90, what’s driving the expansion of the Strait of Hormuz and how it could affect Americans at the tap.
West Texas Intermediate, a key benchmark for US oil, was trading at $103.80, up more than 14%, while Brent crude, the international benchmark, stood at $105.88, also up nearly 14%, according to OilPrice.com data.
Other key benchmarks, including Murban and WTI Midland, were also higher, while US Mars crude showed a jump of more than 24%.
The IEA says it was established in 1974 in response to the oil crisis of 1973-1974, a mandate to help countries coordinate a collective response to major oil supply disruptions.
Smoke and flames rise from the site of airstrikes at an oil depot in Tehran on March 7, 2026. (Sasan/Middle East Images/AFP via Getty/Getty Images)
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Since then, it has maintained a joint contingency plan designed to stabilize global energy markets and protect the broader economy in times of major price volatility.
The agency has operated the program five times, including during the first Gulf War in 1991, after hurricanes Katrina and Rita in 2005, during the 2011 Libyan crisis, and twice following Russia’s invasion of Ukraine in 2022.
