G7 countries stop short of releasing emergency oil reserves that could relieve oil prices

G7 countries have not yet decided on releasing emergency oil reserves that could relieve rising oil prices, which inched close to $120/barrel on Monday amid the Middle East war. "We're not there yet," French Finance Minister Roland Lescure said after an online G7 meeting. He noted that G7 countries have agreed to use "any necessary tools" to stabilise the market.