G7 Countries Hold Off on Releasing Emergency Oil Supplies
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.
President Vladimir V. Putin threatened to cut off remaining gas supplies to Europe as the Iran war drives a surge in energy costs.
The conflict in Iran may give Moscow a short-term boost economically and in Ukraine. But it has also shown the limits of Russia’s partnerships.
Prices for liquefied natural gas have shot up in recent days, which could bring bigger profits for European and U.S. energy companies.
Markets in Europe and the United States appeared to stabilize after days of turmoil, but stocks in Asia fell sharply.
Energy prices continued to rise on Tuesday as attacks by the United States and Israel on Iran intensified, along with the country’s response.
The S&P 500 recovered ground in the afternoon but still ended the day lower, as investors sought cover from the unpredictable effects that the fighting could have on the world economy.
Strikes on sites in Qatar and Saudi Arabia forced the closure of key production facilities and added to growing worries about global oil and gas supplies.
Strikes on sites in Qatar and Saudi Arabia forced the closure of key production facilities and added to growing worries about global oil and gas supplies.
How long prices remain high will depend on what the United States, Israel and Iran do next.