G7 Considers 400M Barrel Oil Reserve Release as Prices Plunge $15
Oil markets convulsed as the G7 nations weighed an unprecedented coordinated release of strategic petroleum reserves. US crude futures plummeted $15 to $108/barrel within hours following reports of a potential 400 million barrel supply injection.
The proposed action, first reported by the Financial Times, comes as prolonged disruptions at the Strait of Hormuz continue to distort global energy flows. G7 members collectively hold 1.2 billion barrels in emergency reserves, with the US and three other nations already backing the intervention plan.
Market reaction was immediate and violent. The 15% price collapse marks the most dramatic intraday move since the 2020 negative pricing event, reflecting both the scale of proposed intervention and mounting demand destruction concerns.
