G7 to take 'necessary measures' to support energy supplies

G7 nations have said they are ready to take "necessary measures" to support the global supply of energy after the US-Israel war with Iran sent oil prices surging.

However, a meeting of G7 finance ministers and the International Energy Agency (IEA) ended without an agreement to release strategic crude reserves.

The oil price reached nearly $120 a barrel on Monday over fears of a lengthy disruption to supplies, leading to global stock markets falling.

At the virtual meeting, the option of releasing oil from stockpiles was one of several discussed as Fatih Birol, head of the IEA, said global oil markets "have deteriorated in recent days".