Oil prices have surged to around $103 per barrel after the conflict disrupted the Strait of Hormuz, which is responsible for transporting about 20% of the world’s oil supply. With shipments unable to move through the strait, storage issues are emerging, forcing Saudi Arabia, Kuwait, and the UAE to partially halt production.

🔹 G7 finance ministers held an emergency meeting to discuss the impact of the war and the rapidly rising oil prices. Analysts say this shock could be nearly three times larger than the 1973 oil crisis. After the meeting, G7 countries said they are considering releasing around 400 million barrels of oil from strategic reserves. However, France’s finance minister stated that “we have not reached that stage yet.”

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