G7 member states have not yet decided whether to release emergency oil stocks amid the escalating Iran war, as oil traded above $100 per barrel for the first time since Russia invaded Ukraine in early 2022.
"We are not there yet," French Finance minister Roland Lescure said after the meeting.
The emergency meeting of the group, which is made up of Canada, France, Germany, Italy, Japan, the UK and the US, comes as top buyers of Middle East crude scramble to find alternative supplies to ease inflationary pressures on their economies.
Brent crude surged as high as 28 per cent in one session to $119.5 a barrel in Asian trading before pulling back to $110.85 per barrel after news of the meeting emerged. West Texas Intermediate, the gauge for US crude, hit $116.45 per barrel before retreating to around $108.
Three G7 nations, including the US, have expressed support for a joint release.
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