Oil Soars Above $100 Amid Iran War As G7 Reportedly Mulls Tapping Into Strategic Reserve

G7 finance ministers and IEA Executive Director Fatih Birol will hold a call at 8:30 a.m. ET Monday to discuss a coordinated release of strategic petroleum reserves, according to the FT. A coordinated SPR release would likely exert downward pressure on oil prices and be sector-moving for energy markets; confirm any announced release volumes and timing to assess the magnitude of price impact.

Analysis

G7 finance ministers and IEA Executive Director Fatih Birol will hold a call at 8:30 a.m. ET Monday to discuss a coordinated release of strategic petroleum reserves, according to the FT. A coordinated SPR release would likely exert downward pressure on oil prices and be sector-moving for energy markets; confirm any announced release volumes and timing to assess the magnitude of price impact.