The G7 is ready to take action to support global energy supplies and may release strategic oil reserves if necessary.

The latest statement from the G7 finance ministers indicates that countries are prepared to take measures to support global energy supply when necessary, including releasing strategic oil reserves. The group stated in a declaration that they will continue to closely monitor energy market dynamics and strengthen information sharing through meetings when necessary, while coordinating actions within the G7 and with international partners. "We are prepared to take necessary measures, including supporting global energy supply through means such as releasing strategic reserves when necessary." This statement marks a progression from the previous stance. Earlier discussions among the G7 finance ministers on the impact of the Middle East conflict on energy markets mentioned the possibility of using strategic oil reserves, but at that time, there was no consensus on jointly releasing reserves, only an indication of monitoring the market closely and keeping the option of taking measures. With significant fluctuations in oil prices and ongoing tensions in the Middle East, the G7 is now signaling further policy preparedness, indicating that if global energy supply faces greater impact, countries may take coordinated action to stabilize the market. It is reported that the G7 finance ministers held an online meeting on Monday to discuss the impact of the Middle East conflict on regional stability, the global economy, and financial markets, emphasizing the importance of ensuring the security of key energy trade routes. The current disruptions in shipping in the Strait of Hormuz have already put significant pressure on global energy transportation, with concerns in the market that crude oil supply may further tighten. The meeting also invited heads of several international organizations to participate, including the International Monetary Fund, the World Bank Group, the Organisation for Economic Co-operation and Development, and the International Energy Agency. Analysts point out that the G7's latest statement indicates that major economies are prepared for potential intervention in the energy market to address supply risks and inflation pressures brought on by escalating conflicts.