Officials said that G7 finance ministers have reached a consensus on temporarily not releasing strategic petroleum reserves.

According to Reuters, a G7 official stated that G7 finance ministers reached a broad consensus on Monday on whether to release strategic oil reserves immediately, deciding not to take such action for now. G7 finance ministers held a phone meeting earlier on Monday to discuss how to address the surge in oil prices caused by the US launching a war against Iran. They stated in a declaration that they are prepared to take "necessary measures" to support global energy supply, including releasing reserves, but no decision has been made yet. An official familiar with the discussions said: "There is a broad consensus on this. It's not that anyone is against it, but it's a matter of timing. More analysis is still needed." The official said that G7 energy ministers will hold a phone meeting on the same issue on Tuesday, and G7 leaders will also discuss the matter later this week. "In my opinion, the final decision will be made by the leaders of each country," the official stated.