G7 finance ministers will discuss releasing strategic oil reserves during a meeting on Monday as tensions in the Middle East push global oil prices higher.

A French government source said the move is one option under consideration to stabilise energy markets affected by the ongoing US-Israeli war with Iran.

Asian stock markets fell on Monday while oil prices briefly surged about 30 percent over fears of supply disruptions. Prices later eased after reports that some G7 countries, including the United States, support a coordinated reserve release.

The International Energy Agency requires member countries to hold emergency oil stocks equivalent to at least 90 days of net imports to help manage supply shocks.

READ ANOTHER STORY-https://classic97.net/fire-head-of-civil-service-office-abuja-federal-secretariat/