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The G7 will study the commercialization of strategic oil reserves in the face of market swings caused by the war

On Monday, the Finance Ministers of Germany, Canada, the United States, France, Italy, Japan and the United Kingdom will meet urgently to discuss the war in the Middle East and its economic consequences.

(Foto de ARCHIVO)

April 29, 2024, Persian Gulf, Bushehr, Iran: An Iranian speedboat of the Basij Resistance Mobilization Force, a paramilitary volunteer militia within the Islamic Revolutionary Guard Corps (IRGC) and one of its five branches, is sailing along the Persian Gulf during the IRGC marine parade to commemorate Persian Gulf National Day near the Bushehr nuclear power plant in the seaport city of Bushehr, Bushehr province, southern Iran. Iran celebrates the anniversary of the liberation of the country's south from Portuguese occupation in 1622 as 'Persian Gulf National Day' in Bushehr on April 29, 2024. The date coincides with the anniversary of a successful military campaign by Shah Abbas, the Great of Persia, in the 17th century. This campaign drove the Portuguese navy out of Hormuz Island, after which it was named the waterway that separated the Gulf from the Sea of Oman.

Europa Press/Contacto/Rouzbeh Fouladi

29/4/2024 — The Strait of Hormuz.

EITB

2026/03/09 - 09:44

Updated

2026/03/09 - 09:44

The countries that make up the G7 are considering trading their strategic oil reserves as fuel prices continue to rise significantly as a result of the war waged by the US and Israel against Iran.

This information has been confirmed by sources from the French Government, which holds the rotating presidency of the G7 group, in the run-up to the meeting held this Monday by the finance ministers of the seven most powerful countries in the world.