Iran-Israel war LIVE: U.S. Military warns of possible strikes on Iran’s civilian ports; Iran hits ships in Gulf chokepoint as G-7 dips into oil reserves

The Wall Street Journal reported yesterday, citing officials familiar with the matter, that the IEA had proposed its largest ever release of oil reserves to counter soaring crude prices driven by the U.S.-Israeli war with Iran.

After a virtual meeting yesterday with the IEA’s executive director, they said in a statement: “G7 members will carefully consider the recommendations issued during these discussions.”

“In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,” they said, adding they were coordinating within the G7, with IEA member countries and beyond.

“We agreed to stand ready to take all necessary measures in coordination with IEA Members,” the statement said.

G7 Finance Ministers met on March 9, 2026, and G7 Energy Ministers yesterday to discuss the potential release of emergency stocks. “We want to be ready to react at any moment,” French Finance Minister Roland Lescure, whose country holds the rotating presidency of the Group of Seven advanced economies, said.

– AFP