LIVE
Just published.
Human review coming soon.
Human review coming soon.
Oil Hits $100 as G7 Ministers Meet
Oil prices rose above $100 a barrel. This was the first time since 2022.
The US-Israel war on Iran caused prices to surge. Group of Seven finance ministers met to discuss the impact.
They pledged to take necessary measures to tackle rising prices. But they did not agree to release emergency oil reserves.
Ministers said they would closely monitor the situation. Ministers and the International Energy Agency discussed options to stabilise prices.
Klear Note — Oil prices above $100 per barrel affect gas prices at pumps worldwide. G7 nations are the world's largest economies. Emergency oil reserves are stored by governments for supply crises.
Key Terms 4
- Group of Seven
- Club of 7 wealthy nations including the US and UK
- International Energy Agency
- Global group that tracks and manages world energy supplies
- emergency oil reserves
- Stored oil that governments can release to lower prices
- barrel
- Standard unit for measuring oil, equal to 159 litres