The meeting will discuss the storage of petroleum products, facilitated by the International Energy Agency.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
The G-7 nations have called an emergency meeting on Monday after crude oil prices crossed $100 per barrel. The meeting, which will include finance ministers from industrialized nations and UK Chancellor Rachel Reeves, is expected to discuss the economic impact of the war. The G-7 is a group of leading industrial nations including Canada, France, Germany, Italy, Japan, the UK and the US. The US-Israeli joint attack on Iran has sent oil prices and stock markets soaring. The global oil price has reached close to $120 per barrel on Monday as the war disrupts oil supplies through the Strait of Hormuz. The UK's stock market index (FTSE 100) fell 1.5 percent in early trading. The International Energy Agency has declared an emergency. The Financial Times reported that the G-7 meeting will also discuss the release of petroleum products. The disruption of oil supplies through the Strait of Hormuz has hit consumers and businesses around the world.
Normally, one-fifth of the world's oil is supplied through the Strait of Hormuz waterway. But due to the war that began a week ago, shipping in this narrow waterway has come to a standstill.
On Sunday, Iran announced that Ayatollah Ali Khamenei's son Mojtaba Khamenei would succeed him as supreme leader.
Over the weekend, the US and Israel again carried out airstrikes on Iranian oil storage facilities. Brent crude oil prices rose by almost 25 percent to $119.50 per barrel in Asian trading on Monday morning. Later, it fell to $109 per barrel.
The price of US West Texas Intermediate crude oil has also seen a similar increase. It has reached almost $104 per barrel. Stock markets in the Asia-Pacific region have started to fall. Stock markets in Japan and South Korea have also started to fall.
Adnan Mazrei, an expert on international economics at the Peterson Institute, said that oil production has stopped due to conflicts in some countries in the Gulf and West Asia and that oil prices are expected to increase due to other reasons.
'People have realized that this war is not going to end immediately,' he added, 'The insurance and other promises and commitments made by the US seem unfulfilled.'
US President Donald Trump has been denying the concerns and concerns raised about the rising oil prices. On Sunday, he claimed on the Truth social media platform that 'oil prices will fall after the end of the Iranian nuclear threat.'
On Sunday, the US Energy Secretary denied responsibility for the attack on Iran's oil infrastructure. He said, 'Israel, not the US, attacked Iran's energy infrastructure.' There are also growing concerns that the war will increase gasoline prices within the country.'
