No decision yet on G7 releasing oil stocks, France's Lescure says

G7 countries have not made a decision yet on the potential release of emergency oil stocks in the wake of the U.S.-Israeli conflict with Iran, France's Finance Minister Roland Lescure said on Monday.

"We are not there yet," Lescure told reporters in Brussels after an online G7 meeting of finance ministers.

"What we've agreed upon is to use any necessary tools if need be to stabilize the market, including the potential release of necessary stockpiles."

Oil prices surged to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruption gripped the market due to the expanding U.S.-Israeli war with Iran.

Lescure said that governments were following the situation closely and that there were currently no supply problems in either Europe or the United States.