Global energy body discusses releasing strategic oil reserves

In a statement following a Paris meeting of G7 energy ministers on the economic fallout of the conflict, IEA executive director Fatih Birol said he was "in close contact" with energy ministers from key energy producers and consumers regarding the situation. "In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market," he said.