March 9 (UPI) -- G7 finance ministers were set to hold an emergency meeting first thing Monday to discuss oil prices after Brent crude surged above $100 per barrel, with an option to release strategic reserves to calm the market on the table.
The virtual meeting, due to get underway at 8.30 EST, comes amid fears that disruption to oil and gas shipments from the Gulf via the Strait of Hormuz, which Iran has closed, could continue for some time, sending energy prices soaring and rattling financial markets.
The joint release of "emergency reserves," if agreed, would be coordinated by the International Energy Agency, according to the Financial Times.
If G7 nations do release oil reserves, it would be the first time in four years since a crisis triggered by Russia's full scale invasion of Ukraine triggered similar price shocks, although gas was hit the worst.
Exacerbated by escalating attacks on Gulf countries' oil fields, refineries and storage plants -- impacting their ability to produce and store product, as well as export it -- Bent crude jumped more than 25% in Asian trade Monday, hitting a $119.50 per barrel high, before falling back with the price of West Texas Intermediate making similar moves.
