G7 to discuss release of emergency oil reserves as price tops $100
G7 finance ministers are preparing to discuss the release of emergency oil reserves, according to reports, after the US-Israel war with Iran sent the price of crude above $100 (£75) for the first time since 2022.The ministers will discuss the release of the reserves in a call coordinated by the International Energy Agency (IEA), according to a report in the Financial Times.The emergency meeting would take place at 8.30am New York time to discuss the impact of the Iran war, the FT reported, citing unnamed people familiar with the matter.Three G7 countries, including the US, have so far reportedly expressed support for the release of the emergency reserves, which are held by the IEA’s 32 member countries across the globe.
The IEA holds strategic reserves of petroleum as part of an emergency system designed to help countries withstand oil price crises.US officials believe a joint release in the range of 300m to 400m barrels would be appropriate, which would reportedly represent 25% to 35% of the 1.2bn barrels in reserve.The EU’s oil and gas supply coordination groups would also meet on Thursday, a spokesperson said, as they monitor the impact of the conflict on the bloc’s oil supplies.EU countries are required to hold oil stocks covering 90 days’ worth of consumption.
The UK month-ahead gas price jumped by 19% to 163p a therm on Monday morning.The continental European month-ahead benchmark is up 16% at €62 (£54) a megawatt hour.Oil prices rose and stock markets in Asia, the UK and mainland Europe fell on Monday morning after continued violence in the Middle East fed investor concerns around a supply crunch, pushing Brent crude to its highest level in four years and triggering a stock market sell-off.The UK’s blue-chip FTSE 100 index fell by 1.9%.
Germany’s Dax dropped by almost 1%, while the French Cac 40 fell 0.7%.The Stoxx Europe 600, which tracks the biggest companies across the continent, fell by 1.5%, erasing all of its gains in the year so far.At least five energy sites in and around Tehran were hit by strikes.
Kuwait’s national oil company also announced a precautionary production cut amid retaliatory attacks by Iran,The strait of Hormuz, through which about a fifth of global oil and seaborne gas tankers typically pass, has in effect been closed for a week,Brent crude, the international benchmark, jumped by as much as 29% to $119,50 a barrel in early trading on Monday,This pared back slightly after news of the G7 meeting, trading at $106.
73, a rise of 15%.While Donald Trump has vowed to reduce inflation and energy costs, he said on Sunday the rise in oil prices was “a very small price to pay” for the US “and World, Safety and Peace”, describing it as a “short term” consequence of the US-Israel war on Iran.The Iranian regime warned that US-Israeli strikes risked pushing prices even higher.A spokesperson for the country’s Revolutionary Guard Corps said after strikes on energy sites: “If you can tolerate oil at more than $200 per barrel, continue this game.”The emergency oil reserve system was set up as part of the creation of the IEA in 1974 after the Arab oil embargo, which triggered a jump in crude prices and a fuel crisis in the west.
Since its inception, the IEA has coordinated five collective releases from the reserves, with the last two in response to Russia’s invasion of Ukraine.
Stock markets plunge after oil surges over $100 a barrel, wiping out hopes of UK interest rate cut – business live
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Stock markets are tumbling today after the oil price surged over $100 a barrel for the first time in four years.Crude prices rocketed last night as soon as Asia-Pacific financial markets opened for the new week, with US crude and Brent crude both nearing $120 a barrel in frenzied trading.Oil price is now somehow $110.Once in a lifetime you see a surge like this in 20 minutes
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UK interest rates are not expected to be cut this year and could even rise next summer, according to financial markets, in a dramatic reversal of forecasts before the US-Israel war on Iran.Markets data on Monday showed that investors predict the Bank of England will most likely keep its base rate on hold at 3.75% for the remainder of the year, and would raise them to 4% next June.Before the Iran war began, a rate cut at the Bank’s next meeting on 19 March had been an 80% chance, but policymakers are now expected to wait to see how the conflict develops, with a 99% probability of a hold at the meeting and no rate cuts for the rest of 2026, markets indicate.Statements from the Iranian leadership and Donald Trump at the weekend showed both sides in the conflict were prepared to fight for several more months, leading financial markets to register sharp falls
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