Global powers are preparing emergency measures to stabilize energy markets as the war between the United States, Israel, and Iran continues to shake the global oil supply, according to Hurriyet Daily News.
Japan and Germany announced on Wednesday that they would release oil from their strategic reserves to ease pressure on global markets. The decision comes as crude prices rise sharply due to escalating tensions in the Middle East and disruptions to key shipping routes.
Officials say the move is part of a wider effort coordinated among members of the Group of Seven (G7) nations. The group’s energy ministers said they stand ready to take “all necessary measures” to maintain stability in global energy supplies.
The crisis has been intensified by the disruption of the Strait of Hormuz, one of the world’s most important oil shipping lanes. The route carries a significant portion of global oil exports, and attacks linked to the ongoing conflict have severely affected tanker traffic.
Japan’s Prime Minister, Sanae Takaichi, said the country could begin releasing oil reserves as early as next week. She explained that Japan depends heavily on Middle Eastern oil and would be strongly affected by supply shortages.
“Given Japan’s exceptionally high dependence on the Middle East, we plan to utilize our strategic petroleum reserves,” she told reporters.
Germany’s Economy and Energy Minister, Katherina Reiche, also confirmed that Berlin would contribute to the coordinated effort. She said the International Energy Agency (IEA) has asked member countries to release about 400 million barrels of oil from emergency reserves.
“We will comply with this request and make our contribution,” Reiche said.
The proposal would mark the largest coordinated release of oil reserves in history, surpassing the 182 million barrels released in 2022 following the Russian invasion of Ukraine.
Despite the scale of the plan, analysts warn that the move may only provide temporary relief. Global demand for oil among IEA member nations is roughly 45 million barrels per day, meaning the reserves could help stabilize markets only for a limited time.
Still, officials hope the coordinated action will calm markets and send a strong signal that major economies are prepared to respond to supply disruptions.
World leaders from the Group of Seven, currently chaired by Emmanuel Macron, are expected to discuss further steps during an emergency virtual meeting.
For now, governments around the world remain on alert as the conflict continues to reshape global energy security.
