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The Latest Breaking News from G7

The Trump admin scrambles to respond after an Israeli oil field strike unexpectedly sends fuel prices soaring

The first major tension between the alies since the war began.

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Stock markets drop after spike in crude oil prices amid Iran conflict

On Monday morning, the FTSE 100 joined the other major financial markets with a firm slump, dipping by as much as 1.7%.

Evening Standard

Rachel Reeves warns of ‘upward inflationary pressure’ caused by Iran war

The Chancellor said she was ready to support a ‘co-ordinated release’ of international oil reserves.

Evening Standard

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EU ministers eye oil reserves to contain energy prices and inflation as Iran war rages

Ministers are exploring measures to curb energy prices and inflation at a series of meetings in Brussels, with the release of oil reserves being discussed. Germany stated that it supports keeping the option on the table, but emphasised that now is not the right time to use it.

Euronews

G7 'not there yet' on releasing oil reserves as Iran war drives price surge

After oil prices jumped above $100 a barrel overnight, finance ministers from the G7 countries held a conference call on Monday but did not agree on releasing oil stockpiles to stabilise the market.

Euronews

Crude Prices Surge after Israel Bombs Iranian Fuel Depots

April WTI crude oil (CLJ26 ) today is up +5.49 (+6.04%), and April RBOB gasoline (RBJ26 ) is up +0.0878 (+3.25%). Crude oil and gasoline prices today are sharply higher after Israel on Saturday bombed 30 Iranian oil depots. In addition, Saudi Arabia became the latest Middle East oil producer...

Barchart

Donald Trump calls the biggest oil surge since 1983 a ‘very small price to pay’ – ‘only fools’ would disagree

Ain’t that reassuring?

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Trump Dismisses Oil Spike Fears and Calls Critics 'Fools' as Other Countries Scramble for Oil Reserves

US President Trump downplays the crisis, calling it a minor sacrifice for global security. But the recent escalation in the Middle East has led to a significant rise in oil prices, prompting an emergency meeting among G7 leaders.

International Business Times UK

Oil over $100, markets in freefall, and Iran's new Supreme Leader is Trump's 'worst case' scenario

Finance ministers from the G7 are set to meet at 8:30 a.m. New York time to discuss releasing reserves held by the International Energy Agency.

Fortune

Ministers eye new energy support as Iran war sends prices soaring

Derek Lickorish, chairman of electricity and gas firm Utilita, has warned ‘we just don't know’ how high gas prices will go

Evening Standard

FTSE 100 plummets further as oil prices soar above $100 a barrel

Oil prices surged past $100 a barrel for the first time since the summer of 2022

The Independent UK

Stock markets tumble further as oil prices soar above 100 dollars a barrel

Brent crude soared by 15% to 107 dollars a barrel, having at one stage reached nearly 120 dollars in levels not seen since the summer of 2022.

Evening Standard

Oil prices latest: Reeves ready to support release of reserves and issues inflation warning over US-Iran war

Price of oil has surged since US and Israel launched airstrikes towards Iran 10 days ago

The Independent UK

Oil prices race above 100 dollars a barrel as Iran conflict escalates

Brent crude soared by 17% to more than 108 dollars a barrel, having at one stage reached nearly 120 dollars a barrel for the first time since 2022.

Evening Standard

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The Guardian - UK

G7 ready to take ‘necessary measures’ over economic impact of Iran war

Finance ministers monitoring situation but stop short of agreeing to release emergency oil reserves

The Conversation

Will AI drones, robots and wearable sensors revolutionize workplace safety?

Around 60 per cent of Canadian employees can expect their job to be transformed through artificial intelligence (AI). For many, AI will complement, rather than replace, their work. For some, it could prevent illness, injury or death.

The Guardian - UK

Rachel Reeves claims UK economy can beat forecasts again – is she right? Our writers discuss

The chancellor insists Labour has ‘the right economic plan’ for a world that has become ‘yet more uncertain’

Euronews

EU trade chief to meet G7 counterparts as pressure mounts over US tariff threats

High-stakes meetings are set for Monday afternoon after a US Supreme Court ruling and fresh tariff threats from Washington threw transatlantic trade relationships into renewed uncertainty.

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Euronews

EU countries still at odds over new Russia sanctions as deadline nears

Brussels wants to have a new package of sanctions approved by Tuesday to punish Russia coinciding with the four-year anniversary of Ukraine's full-scale invasion. Still, a full ban on maritime services is proving an obstacle.

Euronews

Newsletter: Time for Europe to 'stop hitting the snooze button'

Also in this newsletter: the latest on the push for a 20th package of sanctions against Russia; tensions escalate amid anti-semitism row between US and Belgium; and how US sanctions are making life impossible for an ICC judge.

Euronews

EU 'won't shy away' from new sanctions on Russia if G7 allies fail to reach deal

Economy Commissioner Valdis Dombrovskis said a G7 deal is not an "absolute precondition" for a full ban on maritime services for Russian tankers. Brussels wants the new sanctions approved by 24 February.

Euronews

Munich Security Conference 2026: Wind of Change 2.0

The security precautions outside the MSC were as usual: barriers, a heavy police presence, meticulous checks. But as the conference draws to a close on Sunday evening, one irritating realisation remains: inside, nothing was the same, Dr Alexander Wolf writes in an opinion article for Euronews.

Euronews

Russia's oil revenues dwindle as sanctions bite, hitting economy

The Kremlin has resorted to higher taxes and borrowing to fill the gap left by dwindling oil revenues and slower economic growth.

Euronews

Why the EU wants to end the price cap on Russian oil and move to the next stage

The 20th package of EU sanctions against Moscow foresees a blanket ban on maritime services. If approved, it would discard the price cap on Russian oil that Western allies have applied since 2022.

Euronews

Newsletter: Kallas urges Europe to make Russia ‘negotiate’ rather than ‘pretend to negotiate'

Also in this newsletter: Leaders gear up for talks on restoring Europe's waning competitiveness, and Socialist moderate wins landslide victory in Portugal's presidential run-off.

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