FLASH
Shkruar nga PamfletiRising oil prices are "a very small price to pay for the peace and security of the United States and the world," US President Donald Trump said on Social Truth on Sunday.
The rise in oil prices and the escalation of the war between the United States, Israel and Iran have caused major turmoil in international markets.
With the price of Brent oil recently approaching $120 per barrel and shipping in the Strait of Hormuz virtually at a standstill, investors and governments are facing a new wave of energy pressure and rising inflation.
The price of US crude oil WTI rose by about 30%, while Brent rose by about 27%, with the two main international standards now exceeding $116 per barrel. This increase is largely attributed to the panic prevailing in the markets due to the ongoing conflict in the Middle East and the effective blockade of the Strait of Hormuz.
Brent rose as much as 29% to $119.50 a barrel, its biggest intraday gain since 2020. US West Texas Intermediate crude rose as much as 31%. The new gains added to an already strong rally last week, when prices had gained about 28%.
Shortly after 8:30 Greek time, prices showed a slight decline, with Brent at $109.3 (+18%) and US crude at $106 (+17%).
Extraordinary meeting of G7 finance ministers
According to a report in the Financial Times, G7 finance ministers will examine the possibility of a joint release of oil from strategic reserves, in coordination with the International Energy Agency (IEA).
According to the newspaper, citing sources with knowledge of the discussions, the ministers will hold a conference call on Monday at 8:30 a.m. New York time (3:30 p.m. Greek time) to consider the possibility of a coordinated intervention in the energy market.
According to the same report, three G7 countries - including the United States - have already expressed support for this strategy.
The potential move comes at a time of heightened turmoil in global energy markets, as geopolitical tensions and disruptions to the flow of oil have heightened concerns about supply sufficiency and inflationary pressures around the world.
Rising oil prices are "a very small price to pay for the peace and security of the United States and the world," US President Donald Trump said on Social Truth on Sunday.
Trump assured that he would make a decision on when to end the war against Iran "mutually" with Israeli Prime Minister Benjamin Netanyahu.
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