Group of Seven finance ministers said they are prepared to take any steps needed to support global energy supply, including releasing strategic oil reserves.
The group held a virtual meeting on Monday to discuss the conflict in the Middle East, its impact on regional stability, global economic conditions, and financial markets.
Finance ministers from France, which holds the presidency, said the group is not yet at the point of organizing a release, but is closely monitoring the situation.
The war has led to producing giants lowering their output and the effective closure of the Strait of Hormuz, the oil market's most-important trade artery.
Coordinated releases of strategic stockpiles have been carried out only five times before, including twice in response to Russia's invasion of Ukraine in 2022.
