G7 finance ministers held an emergency meeting on March 9 to discuss the impact of the Iran war on global energy markets and possible stabilization measures, including a release of strategic oil reserves, Reuters reported the same day. France, which holds the rotating G7 presidency, said ministers had not agreed to release stockpiles yet but were prepared to use emergency reserves and other tools if needed to stabilize markets.

IEA member countries hold roughly 1.2 billion barrels in public emergency oil reserves under the agency's coordinated emergency stockpile system. The discussions come as crude prices surged above $100 per barrel on March 9, reaching their highest level since Russia's 2022 invasion of Ukraine. Brent futures jumped nearly 30% in early trading before retreating to trade about 13% higher at just under $103 following news of the G7 meeting.