Anonymous25 days ago
Crude oil prices have surged past $110 a barrel — the highest since the pandemic era — as the U.S.-Israel military campaign against Iran has effectively shut the Strait of Hormuz, choking roughly 20% of the world's oil supply. With tanker traffic near zero and Gulf Arab producers running out of storage, G-7 finance ministers are convening an emergency session on March 9 to discuss a coordinated release of up to 400 million barrels from strategic petroleum reserves, a move that would dwarf all previous IEA collective actions combined.