Earlier Monday, French President Emmanuel Macron said the G7 would this week discuss a possible release of strategic oil reserves.

A near 14% jump in oil prices due to the Iran war triggered an emergency meeting of the G7 with plans to release strategic reserves top of the agenda.

Oil prices surged above $100 per barrel as the critical Strait of Hormuz remains closed due to threats from Iran.

Earlier Monday, French President Emmanuel Macron said the G7 would this week discuss a possible release of strategic oil reserves.

International Energy Agency reportedly proposed largest release of oil reserves in its history to bring down crude prices

The group of nations welcomes the idea of releasing oil in response to the surge in prices since the US-Israel war with Iran began

The French president noted that G7 states are working to mitigate the negative impact of the conflict on global markets