[US-Iran War] Oil Prices Surpass $100... "G7 Discusses Release of Strategic Reserves"

Exclusive Report by FT
"Three Countries Including the US Express Support"

As international oil prices have soared in the wake of the Middle East war, the Financial Times (FT) reported that finance ministers from the Group of Seven (G7) countries plan to discuss a joint release of strategic oil reserves in cooperation with the International Energy Agency (IEA).

Fatih Birol, Executive Director of the International Energy Agency (IEA). Photo by Reuters Yonhap News

On March 8 (local time), the FT, citing G7 senior officials and sources familiar with the matter, reported that the ministers from each country and Fatih Birol, Executive Director of the IEA, are scheduled to hold a conference call to discuss this issue.

So far, it has been reported that three countries, including the United States, have expressed support for this proposal. The G7 is comprised of the United States, Japan, the United Kingdom, France, Germany, Italy, and Canada.

On this day, oil prices surpassed the psychological resistance level of 100 dollars per barrel as the oil supply chain in the Gulf region was severely disrupted by the aftermath of the war between the United States, Israel, and Iran. Both West Texas Intermediate (WTI) futures and Brent crude futures, which serve as international oil price benchmarks, at one point nearly reached 120 dollars per barrel.

Asian stock markets, which are highly sensitive to energy prices, plummeted immediately after opening on this day due to the shock from the surge in oil prices. At around 3:30 p.m. on March 9 (Korea Standard Time), the Korea Composite Stock Price Index (KOSPI) closed at 5,251.87, down 5.96%. Stock markets in Japan, Hong Kong, Taiwan, and China also fell collectively.

The impact of oil prices on the global economy has long been expected to be significant. Saad Al-Kaabi, Minister of Energy for Qatar, said in an interview with the FT last week that the current war "could collapse the global economy" and predicted that energy-exporting countries in the Gulf region would halt production within a few days.

This content was produced with the assistance of AI translation services.