March 10, New Delhi — G7 energy ministers will discuss how to address soaring energy prices caused by the conflict in the Middle East on a call on Tuesday, while a group of European Union leaders will do so later in the day.
Oil prices fell on Tuesday after reaching their highest level in more than three years in the previous session, as U.S. President Donald Trump predicted that the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
Oil prices surged past $100 a barrel on Monday, reaching session highs of $119.50 for Brent and $119.48 for West Texas Intermediate (WTI), their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war with Iran stoked fears of major disruptions to global supplies.
Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.
Gulf oil producers have begun cutting output as the U.S.-Israeli war on Iran disrupted shipping in the region.
Over the weekend, Iraq slashed production at its main southern oilfields by 70% to 1.3 million barrels per day while Kuwait Petroleum Corporation also began reducing output and declared force majeure.
Adding to the cuts, Saudi Arabia has now begun trimming production, sources said on Monday.