G7 Holds Off on Oil Release as Trump Signals Sanctions Relief and Tanker Escorts in Iran Conflict

Overview

• The G7 finance chiefs met in an emergency session but did not agree on a coordinated drawdown of strategic oil reserves, with France saying members will use all tools if needed.
• President Donald Trump said the U.S. will lift certain oil-related sanctions to cool prices and is prepared to have the Navy escort tankers through Hormuz, after a call with Vladimir Putin.
• Oil prices surged above $100 a barrel and briefly approached $120 as attacks and shipping stoppages choked supply, then eased after Trump’s assurances.
• Iran’s Revolutionary Guard declared it will decide when the war ends and threatened to halt regional oil exports if U.S. and Israeli strikes continue.
• Gulf states reported strikes and disruptions, including a fire at Bahrain’s Al Ma’ameer refinery and Saudi and Emirati interceptions, while Brazil’s Lula voiced concern over rising fuel costs and his White House visit is now likely to slip to April.