The Wall Street Journal

As Oil Prices Spike, G-7 Leaders Consider Releasing Reserves

The video highlights a sudden surge in U.S. oil futures, breaching $110 a barrel, and the resulting scramble among G‑7 leaders to tap strategic petroleum reserves to temper soaring fuel costs. Prices at the pump have jumped 48 cents per gallon for gasoline and 89 cents for diesel, while a seven‑day shutdown of the Strait of Hormuz—responsible for roughly 20 million barrels a day—has tightened global supply and amplified market volatility. Officials from the United States, Europe, Japan and China are weighing the size and speed of reserve releases, echoing past interventions that temporarily eased price spikes; meanwhile, equity markets have slipped as investors price in an energy‑driven shock to growth. If the price shock persists, U.S. consumers and businesses face higher operating costs, potentially nudging the economy toward recession, making the decision on reserve deployment a pivotal policy lever for stabilizing inflation and growth.