Finance ministers from the G7 countries will hold an emergency meeting on March 9 to discuss a coordinated release of strategic oil reserves. According to the Financial Times, negotiations involving Fatih Birol, Executive Director of the International Energy Agency (IEA), are scheduled for 4:30 p.m. The main goal is to stabilize markets following a sharp spike in prices triggered by the escalation of the military conflict with Iran.

At least three G7 countries, including the United States, have already backed the initiative to utilize the IEA's collective response system. American officials are proposing to release between 300 and 400 million barrels onto the market. This amount accounts for nearly 30% of the total reserves held by the 32 member countries of the agency, which are estimated at 1.2 billion barrels.

The emergency conference call will aim to determine the scale of the intervention needed to mitigate the impact of supply disruptions from the Persian Gulf. The decision to draw from reserves will be a response to increasing risks to the global economy and an effort to cool oil prices that have surged amid ongoing hostilities in the region.