Leaking information before the meeting? G7 group: In principle, supports using strategic oil reserves.

```

The Group of Seven (G7) sent a significant signal just hours before a crucial summit, expressing in principle support for tapping strategic oil reserves to address energy market volatility caused by the Iran war.

According to Bloomberg, G7 energy ministers stated in an email statement on Wednesday that they will work closely with the International Energy Agency (IEA) to monitor energy market trends, and will coordinate within the G7 as well as with international partners, IEA member countries, and other nations.

The G7 energy ministers added that, in principle, they support “taking active measures in response to the situation, including tapping strategic reserves.”

It is worth noting that the current G7 rotating chair France, led by President Macron, will convene a video summit of G7 leaders at 22:00 Beijing time on Wednesday to focus on the Iran crisis and soaring energy prices.

The main topics of this video call will be the “energy situation” and the issue of the Strait of Hormuz, and it has been explicitly stated, “I suspect this will not just be a verbal intervention.” If G7 leaders announce substantive measures after the meeting, tonight will mark the third consecutive trading day with significant oil price volatility triggered.

Energy Ministers Meeting: Principle Support, No Decision Yet

The G7 energy ministers held a video conference with the International Energy Agency (IEA) on Tuesday to discuss the impact of the Iran war on energy markets and supply. After the meeting, the energy ministers said in a joint statement issued Wednesday that they are closely monitoring energy market dynamics with the IEA and strengthening coordination within the G7 and with international partners and IEA member countries.

The statement also warmly welcomed the meeting of the IEA Board held that day, saying it provided a “critical opportunity” for member countries to assess current supply security and market conditions.

However, according to Reuters, the energy ministers did not reach agreement on releasing strategic oil reserves at the Tuesday meeting, but instead asked the IEA to assess the current situation before taking action. The wording “in principle support” in the statement means that specific action plans are still pending final approval at the leadership summit.

Oil Prices Experience Wild Swings This Week, Market Highly Sensitive

This week, oil prices have experienced two rounds of major fluctuations; the market is highly sensitive to any policy signals. On Monday, benchmark oil prices soared to near four-year highs; on Tuesday, Trump predicted the Middle East conflict may soon end, and prices plummeted by 11%; Tuesday night, a tweet by the U.S. Energy Secretary—later considered a “blunder”—claimed the U.S. Navy had successfully escorted a tanker through the Strait of Hormuz, driving oil prices down another 20%.

Against this backdrop, the outcome of the G7 leaders' summit is being closely watched by the market. If substantive reserve release measures are announced after the meeting, it would exert direct downward pressure on oil prices; if only verbal statements are made, market reaction may be more limited.

Risk Warning and DisclaimerThe market involves risks, investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial situations, or needs. Readers should consider whether opinions, views, or conclusions in this article are appropriate for their specific circumstances. Investment is at your own risk. ```