Oil Hits $120 as Iran Closes Strait of Hormuz; G7 Energy Ministers to Meet Tuesday

Oil prices surged to $120 per barrel following the closure of the critical Strait of Hormuz due to threats from Iran, significantly heightening global energy security concerns. In response to the supply shock, the International Energy Agency (IEA) confirmed that releasing strategic reserves is now under active consideration. G7 energy ministers are scheduled to hold an emergency meeting on Tuesday morning to discuss a coordinated response to the escalating crisis. This development marks a significant policy shift, as previous reports suggested G7 finance ministers had ruled out immediate market intervention. The upcoming discussions aim to stabilize price volatility and mitigate the economic impact of the disruption in the world's most vital oil transit point. Investors are now focused on Tuesday's meeting for specific details regarding the scale and timing of any potential international reserve release.

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