Published by Global Banking & Finance Review®
Posted on March 9, 2026
1 min readLast updated: April 1, 2026
Add as preferred source on GoogleBritain’s finance minister Rachel Reeves said on March 9 that the UK stands ready to support a coordinated release of IEA emergency oil reserves amid a Middle East‑driven oil price spike, as G7 ministers hold crisis talks.
LONDON, March 9 (Reuters) - Britain stands ready to support the release of emergency oil reserves in response to a spike in the price of oil following renewed conflict in the Middle East, finance minister Rachel Reeves said on Monday.
"I stand ready to support a coordinated release of collective International Energy Agency oil reserves," Reeves told lawmakers after a virtual meeting of G7 finance ministers where the issue was discussed.
(Reporting by William James and Catarina Demony, writing by Alistair Smout, editing by David Milliken)
The UK is considering it due to a spike in oil prices following renewed conflict in the Middle East.
Finance minister Rachel Reeves announced the UK's readiness.
Yes, the issue was discussed during a virtual G7 finance ministers meeting.
The UK is ready to support the release of collective International Energy Agency oil reserves.
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