Amid Iran War, Japan Says 'G7 To Carry Out Joint Oil Stockpile Release'

Last Updated:March 10, 2026, 21:21 IST

Japan announced G7 energy ministers are ready for a joint oil stockpile release due to the US-Israel war on Iran. They discussed economic impacts and trade route protection.

Japan on Tuesday said the G7 energy ministers are prepared to carry out joint oil stockpile release in the wake of the US-Israel war on Iran.

The energy ministers had held a virtual meeting on Tuesday morning to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war.

According to The Japan News, they discussed the impact of the Middle East conflict on the global economy and financial markets, as well as the protection of trade routes such as the Strait of Hormuz.

Following the meeting, the ministers issued a joint statement pledging to “support global supply of energy".

Also See: How Crude Oil Prices Will Impact The Indian Economy?

The Japan News quoted Finance Minister Satsuki Katayama saying at a press conference, “Reaching agreement on releasing oil reserves and taking other necessary measures is a very significant achievement."

He pointed out that maritime transport through the Strait of Hormuz is critically important for stable energy supplies to Asian countries.

IEA Executive Director Fatih Birol called for urgent action on coordinated releases of oil reserves.

The meeting was attended by the heads of the International Energy Agency, the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development.

Also Read: Here’s How Petrol, Diesel Prices Were Impacted Due To Crude Oil Rates

These came as the oil surged to more than $119 a ‌barrel on ⁠Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping ​disruption gripped ​the market ⁠due to the expanding US-Israeli war with Iran, Reuters reported.

The Middle East conflict, which began on February 28 with US and Israeli strikes on Iran, has disrupted regional energy oil flows.

Oil Prices Spike Amid Middle East Conflict

Crude prices have surged sharply since the conflict escalated in the Gulf region, raising concerns about a fresh inflation shock and risks to global economic growth.

Brent crude, the international benchmark, jumped 24% in Asian trading to $116.71 per barrel, while US benchmark West Texas Intermediate rose 28% to $116.45 per barrel.

The surge in oil prices has triggered sharp volatility in global financial markets, with Asian equities falling on Monday and US futures also pointing to steep losses.

News world Amid Iran War, Japan Says 'G7 To Carry Out Joint Oil Stockpile Release'

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