Oil at $114: Israel, US move to prevent global energy shock from Iran war
Talks focus on protecting global energy supplies as crude prices spike and G7 weighs tapping strategic reserves
Israel and the United States are holding consultations aimed at preventing a sharp rise in global oil prices as the war with Iran intensifies and tensions grow across the Middle East.
According to Israel’s public broadcaster Kan, officials from both countries have been discussing ways to avoid a major disruption to the global energy market, particularly amid concerns about oil production and shipping routes in the region.
The discussions come as US President Trump has reportedly raised concerns about the potential economic fallout from the conflict. In recent days, the US administration has held detailed talks with Israeli officials to examine several options, including possible military measures, aimed at limiting the impact of the war on energy supplies and transport in the region.
The urgency of the talks has grown as oil prices surge. On Monday, the price of crude climbed to $114 per barrel, its highest level since 2022, driven by escalating fighting and fears that energy infrastructure or key maritime routes in the Middle East could be disrupted.
Meanwhile, finance ministers from the Group of Seven convened an emergency meeting to assess the war’s impact on the global economy. According to the Financial Times, several G7 members support the idea of releasing oil from strategic reserves in an effort to stabilize markets and prevent a prolonged spike in global energy prices.