G7 to discuss release of emergency oil reserves as price tops $100

US among three countries so far backing measure triggered by Middle East war, according to reports

• Iran war drives oil prices above $100 a barrel

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G7 finance ministers are preparing to discuss the release of emergency oil reserves, according to reports, after the US-Israel war with Iran sent the price of crude above $100 (£75) for the first time since 2022.

The ministers will discuss the release of the reserves in a call coordinated by the International Energy Agency (IEA), according to a report from the Financial Times.