G7 Prepares Massive Oil Reserve Release: Crude Surges Past $116/Barrel Amid Iran War! Oil prices spike sharply as Iran’s retaliatory strikes threaten Strait of Hormuz shipping lanes. G7 nations (US, UK, Canada, France, Germany, Italy, Japan) reportedly discussing coordinated release of hundreds of millions of barrels from IEA strategic reserves (1.2B total held; US + Japan ~700M) to stabilize markets. Higher fuel costs, transport expenses & renewed inflation loom globally. India, major importer & IEA associate, watches closely as every barrel price rise hits hard.
Energy Crisis? G7 Considers Emergency Oil Release As Prices Explode Amid Iran War: Report
