French Finance Minister Roland Lescure has said the Group of Seven (G7) nations are not yet ready to release emergency oil reserves despite the sharp surge in , reported Bloomberg News.
Speaking after discussions among major economies, Lescure said the bloc stands ready to act if needed to stabilise markets, but has not reached a point where coordinated action is necessary.
“We are not there yet,” Lescure said, referring to a potential joint release of strategic petroleum reserves.
The comments come as global oil markets remain on edge following the escalating conflict involving Iran, Israel and the United States, which has disrupted energy supply routes across the Gulf region.
Oil prices have surged above $100 per barrel after the conflict affected shipping through the Strait of Hormuz, one of the world’s most important oil transit routes that carries roughly 20% of global oil supply.
, Lescure said the G7 is closely monitoring developments in the energy market and is prepared to respond if the situation worsens.
Emergency oil reserves, also known as strategic petroleum reserves, are stockpiles maintained by major economies to help stabilise markets during supply disruptions.
A coordinated release of these reserves is considered an extraordinary measure and is usually used during major global energy crises.
G7 finance ministers have been holding discussions on the possibility of releasing oil from these reserves as prices surged following the Iran war.
Such coordinated actions are typically organised through the International Energy Agency (IEA), which oversees emergency oil stockpiles held by member countries.
However, Lescure’s remarks suggest that while governments are preparing contingency plans, policymakers believe markets have not yet reached the stage where emergency reserves must be deployed.
Oil prices have risen sharply since the conflict intensified in the Gulf, triggering volatility across global financial markets.
The disruption of shipping routes and attacks on energy infrastructure have raised fears of a broader supply shock that could push fuel prices higher worldwide.
For now, governments appear to be watching the situation closely while keeping emergency measures on the table if the conflict escalates further.