The Group of Seven (G7) are teeing up for potential use of their strategic oil reserves after their ministers met twice in two days to prepare such a move to bring down prices inflamed by the Iran war.

The Group of Seven nations is “not there yet” in terms of organizing a global release of emergency oil inventories in response to the Iran war, according to France, which holds the current presidency.

G7 finance ministers are discussing a possible joint release of petroleum from reserves co-ordinated by the International Energy Agency, in an emergency meeting on Monday aimed at

A near 14% jump in oil prices due to the Iran war triggered an emergency meeting of the G7 with plans to release strategic reserves top of the agenda.

Member states of the International Energy Agency (IEA) were set to meet on Tuesday for crisis talks to assess security of supply and the potential release of emergency stocks as the Middle East war

G7 Energy Ministers will meet virtually on Tuesday to discuss a potential release of emergency oil reserves as Middle East tensions disrupt global supply, sources told CNBC. The talks follow a similar discussion among the group’s Finance Ministers,

President Trump sent mixed messages on the Iran war on the one hand saying it was in its final stages and on the other saying there was more to do.

Oil futures fell after President Trump told CBS News that the war with Iran is “very complete, pretty much” and that it could be over soon.