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CommoditiesHigh ImpactUpdated×6•Originally published 9 March 2026•Updated 9 March 2026•

1 min read

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

Map of the Middle East with fighter jets, missiles, oil barrels, gold bars, oil rigs, and stock charts under a fiery sky.

Key Facts

1G7 finance ministers will discuss a joint release of oil from emergency reserves on Monday.

3 months ago

Version History

Version 63 months ago

What changed: Updated to include the closure of the Strait of Hormuz by Iran as the specific cause of the price surge and the scheduled G7 energy ministers' meeting on Tuesday morning.

Version 53 months ago

What changed: Prices hit $120 driven by a Middle Eastern supply crisis, prompting the IEA to reverse its previous stance and confirm that strategic reserve releases are back under consideration.

Version 43 months ago

What changed: Specified that the decision was reached by G7 finance ministers and confirmed the timing of the agreement as Monday.

Version 33 months ago

What changed: The G7 opted against a coordinated oil reserve release in the near term, contradicting previous expectations and causing a decline in stock markets.

Version 23 months ago

What changed: Updated the story to include Sunday's oil price peak of $117 and incorporated the correlation between cooling oil markets and the recovery of Bitcoin to the $68,000 level.

Version 13 months ago

What changed: Oil prices pulled back from $114 to $102, and the Iran conflict was identified as the driver of the previous 25% price spike.

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.