The Group of Seven (G7) nations said they support a potential large-scale release of strategic oil reserves to help stabilize global energy markets after prices surged during the war involving the United States, Israel and Iran.
G7 energy ministers said they are working with the International Energy Agency (IEA) on possible measures, including the use of emergency stockpiles, as oil exports through the Strait of Hormuz have been severely disrupted.
The narrow waterway normally carries about one-fifth of global oil supplies.
Reports indicate the IEA could release between 300 million and 400 million barrels of oil, which would mark the largest coordinated intervention in the global oil market.
The move is intended to increase available supply and reduce pressure on prices that have spiked since the conflict began.
However, analysts say such a release would likely offer only short-term relief because the amount represents just a few days of global oil consumption.
Officials say strategic reserves are meant to provide emergency stability during major supply disruptions.
