G7 discusses coordinated oil reserve release, vows to ensure supply

TOKYO - Finance ministers of the Group of Seven industrialized nations discussed a possible coordinated release of oil reserves during an online meeting on Monday that also involved the International Energy Agency, as oil prices surge amid the U.S.-Israeli war with Iran.

"We agreed to take measures to support global energy supply and other necessary steps," Japanese Finance Minister Satsuki Katayama told reporters after the talks, noting that the IEA called for swiftly working toward the collective oil stockpile release.