Gas Prices Hit $3.47 Per Gallon As Crude Oil Soars To Highest Level Since 2022

G7 finance ministers and IEA Executive Director Fatih Birol will hold a call at 8:30 a.m. ET on Monday to discuss a coordinated release of strategic petroleum reserves. If executed, a coordinated SPR release could increase oil supply and exert downward pressure on crude prices, but immediate impact is limited until release sizes and timing are confirmed. Monitor announcements for volumes and participating countries to gauge likely moves in Brent/WTI and refined fuel markets.

Analysis

G7 finance ministers and IEA Executive Director Fatih Birol will hold a call at 8:30 a.m. ET on Monday to discuss a coordinated release of strategic petroleum reserves. If executed, a coordinated SPR release could increase oil supply and exert downward pressure on crude prices, but immediate impact is limited until release sizes and timing are confirmed. Monitor announcements for volumes and participating countries to gauge likely moves in Brent/WTI and refined fuel markets.