LONDON
\nG7 nations will hold an emergency meeting on Monday to discuss surging oil prices as crude jumped above $100 a barrel and stock markets slumped over the escalating US-Israeli war with Iran. Finance ministers from leading industrialised countries, including UK Chancellor Rachel Reeves, will gather to discuss the economic impact of the conflict.
\nGlobal oil prices reached nearly $120 on Monday over fears of a prolonged disruption to energy supplies through the key Strait of Hormuz shipping route and the UK\u2019s FTSE 100 share index fell 1.5%.The Financial Times reported the G7 meeting will discuss a joint release of petroleum from reserves, co-ordinated by the International Energy Agency (IEA). If reserves are released by IEA members it would be the first time since 2022, when action was taken following Russia\u2019s full-scale invasion of Ukraine.
\nMajor disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world. Rising inflation could lead to fewer interest rate cuts by central banks. About a fifth of the world\u2019s oil supply is usually shipped through the Strait of Hormuz. But traffic through the narrow passage has all but halted since the war started more than a week ago.
\nOn Sunday, Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that more than a week into the conflict hardliners remain in charge of the country.
\nThe US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.Meanwhile, Iran targeted energy infrastructure in neighbouring Gulf states. Overnight, Saudi Arabia said it had intercepted and destroyed two waves of drones heading towards a major oilfield
\nFollow the latest developments on the war in the Middle East. On Monday morning in Asia, the price of Brent crude jumped by more than 25% to touch $119.50 a barrel at one point before falling back to around $107.
\nUS West Texas Intermediate (WTI) crude saw similar movements and was trading at about $104 a barrel.Gas prices also jumped. UK gas prices for month-ahead delivery surged by nearly 25% to 171p a therm when trading started on Monday, before slipping back to about 156p a therm.
\nEuropean stock markets opened lower, following steep falls earlier in Asia. Both Germany\u2019s Dax and France\u2019s Cac 40 indexes were down by about 2.5%.In London, nearly all shares in the FTSE 100 fell, with oil giants BP and Shell among the few companies to see an increase.<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON G7 nations will hold an emergency meeting on Monday to discuss surging oil prices as crude jumped above $100 a barrel and stock markets slumped over the escalating US-Israeli war with Iran. Finance ministers from leading industrialised countries, including UK Chancellor Rachel Reeves, will gather to discuss the economic impact of the conflict. Global …<\/p>\n","protected":false},"author":4,"featured_media":94846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-94865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/94865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=94865"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/94865\/revisions"}],"predecessor-version":[{"id":94877,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/94865\/revisions\/94877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/94846"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=94865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=94865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=94865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}