G7 weighs releasing strategic oil reserves as Israeli-US war drives prices higher

G7 weighs releasing strategic oil reserves as Israeli-US war drives prices higher Finance ministers from the Group of Seven (G7) are set to discuss the possible use of strategic oil reserves during a videoconference meeting on Monday, a French government source told the AFP. The talks come as energy markets react to the widening Israeli-US war in the Middle East, which has pushed oil and gas prices sharply higher over the past week. "It's an option under consideration," the source told AFP.