The Group of Seven (G7) are teeing up for potential use of their strategic oil reserves after their ministers met twice in two days to prepare such a move to bring down prices inflamed by the Iran war.

G7 finance ministers said they would take the “necessary measures” to tackle the surge in oil prices but stopped short of agreeing on a release of strategic petroleum reserves

G7 finance ministers are discussing a possible joint release of petroleum from reserves co-ordinated by the International Energy Agency, in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the Gulf.

G7 finance ministers are holding an emergency meeting with the IEA to discuss a joint release of strategic oil reserves. This move aims to ease global crude market tension and combat rising inflation spurred by the Middle East war.

Oil futures fell after President Trump told CBS News that the war with Iran is “very complete, pretty much” and that it could be over soon.

A near 14% jump in oil prices due to the Iran war triggered an emergency meeting of the G7 with plans to release strategic reserves top of the agenda.

The Group of Seven nations is “not there yet” in terms of organizing a global release of emergency oil inventories in response to the Iran war, according to France, which holds the current presidency.

The Group of Seven advanced economies is set to discuss the possible release of strategic oil reserves, among options to deal with the supply crunch created by the conflict in the Middle East, a French official said.