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The Economic Times

Top News / The Economic Times

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G7 ready to act on oil surge but holds off tapping reserves

Global oil prices have surged past $119 a barrel due to the U.S.-Israel war on Iran. G7 nations are ready to take action to stabilize the market, including potentially releasing oil reserves. However, a final decision on releasing stockpiles has not been made yet. Governments currently state that oil supplies remain stable for now.

9 Mar 2026 11:18 pm