International oil prices had been soaring due to the ongoing Iranian conflict, with Brent crude futures briefly hitting $119.50 a barrel and West Texas Intermediate (WTI) climbing to $119.48. However, news of the G7 finance ministers convening to discuss the release of strategic oil reserves positively influenced market sentiment, leading to a significant price drop. Following the announcement, Brent crude prices fell sharply, returning to around $102, while WTI also dropped back to about $100 per barrel.

French Finance Minister Bruno Le Maire confirmed post-meeting that G7 countries are prepared to take all necessary measures, including utilizing strategic oil reserves, to stabilize the market, although he noted that there is no immediate supply shortage. Similarly, EU economic chief Valdis Dombrovskis stated that strategic reserves are intended for such crises and could be justified if supply disruptions occur. This proactive approach from major economies reflects a collective effort to mitigate the impact of geopolitical tensions on the energy market.

The Financial Times reported that measures to release between 300 to 400 million barrels of strategic oil reserves are being considered, which could account for roughly 25-30% of the total public reserves held by International Energy Agency member countries. With members currently holding about 1.2 billion barrels in public reserves and 600 million barrels in mandatory commercial stocks, such a release could provide substantial cushion against supply disruptions for approximately 124 days in the event of crises in the Gulf region. The discussions are ongoing as the conflict's implications on global energy markets are rapidly expanding.