Anonymous25 days ago
As the Iran war sends crude oil prices surging past $119 per barrel and the Strait of Hormuz grinds to a halt, G7 finance ministers have delayed a historic decision on releasing up to 400 million barrels from strategic petroleum reserves. The delay—driven by disagreements over timing, depleted U.S. stockpiles, and uncertainty over the conflict's trajectory—leaves the global economy exposed to its worst energy shock since 2022, with inflation expectations already spiking and gasoline prices climbing sharply.