Amidst the huge earthquake in the oil market, the G7 energy ministers will hold urgent talks in Paris tonight: the option of releasing strategic reserves has been put on the table.

The G7 energy ministers will hold a meeting in Paris on Tuesday to continue exploring the possibility of stabilizing the market by releasing oil reserves. French Finance Minister Roland Le Court said on the same day that as the current rotating chair of the G7, France is fully prepared and will take all necessary measures to support global energy supply when necessary. Prior to this, the organization emphasized in a statement released on Monday that the Iran war led to a sharp drop in oil production and substantially blocked the Strait of Hormuz shipping lane, causing a sharp rise in global oil prices, emphasizing the need to maintain energy market stability through coordinated action at this time. It is understood that the global energy market has been in severe turmoil due to the rapid escalation of the geopolitical situation in the Middle East. Due to US military action against Iran followed by retaliatory measures by Iran to block the Strait of Hormuz, global oil supply security has been seriously threatened. In anticipation of this impact, international crude oil prices have skyrocketed in the short term, with WTI crude oil futures once breaking through the $110 mark and approaching $120 per barrel, leading to a sudden increase in global inflationary pressures and economic uncertainty. Faced with soaring energy prices, G7 finance and energy ministers from each member country held intensive video conferences on March 9th and 10th, 2026. The core topic of the meeting focused on launching a large-scale global coordinated emergency oil reserves release plan within the framework of the International Energy Agency (IEA). However, the G7 is currently only at the stage of calling for the release of oil stocks, and with US President Trump hinting that the conflict may end soon, international oil prices have plummeted from their highs. As of the time of writing, WTI crude oil futures have fallen more than 7%, to $87.96 per barrel, and Brent crude oil futures have fallen by 7.20%, to $90.80 per barrel. "We are convening the G7 energy ministers' meeting in Paris today, and the relevant work is progressing as planned. But it is obvious that all possible options are on the table, including emergency oil reserve releases," French Finance Minister Roland Le Court emphasized during a nuclear energy conference. "We are fully prepared." According to the French Ministry of Finance, the meeting will be held at the International Energy Agency in Paris at 1:45 pm local time (8:45 pm Beijing time on the evening of March 10), with some participants attending remotely. Le Court plans to speak at the nuclear energy conference around 3 pm to report on the latest developments in the G7 energy ministers' meeting.