https://www.cnbc.com/2026/03/08/crude-oil-prices-today-iran-war.html
G7 energy ministers will hold a virtual meeting Tuesday morning to discuss a possible joint release of oil reserves from their stockpiles, sources told CNBC.
Oil prices shot above $100 per barrel earlier as Gulf Arab countries cut production because the Strait of Hormuz remains closed.
The closure of the Strait has triggered the biggest oil supply disruption history, according to an analysis by consulting firm Rapidan Energy.
Oil prices fell below $100 per barrel on Monday, as energy ministers from the Group of Seven nations are expected to discuss a potential release of crude stockpiles to address the massive suppy disruption caused by the Iran war.
West Texas Intermediate crude futures were last up 2.98% to $93.61 per barrel by 12:49 p.m. ET. WTI rose as high as $119 overnight as Gulf Arab nations cut production because the Strait of Hormuz remains closed due to threats from Iran.
The G7 energy ministers will hold a virtual meeting Tuesday morning to discuss a possible joint release of oil reserves from their stockpiles, sources told CNBC. Any action on releasing reserves would occur after the energy ministers meet, they said.
The closure of the Strait has triggered the biggest oil supply disruption history, according to an analysis by consulting firm Rapidan Energy. About 20% of the world’s oil consumption is exported through the Strait.
