Oil prices finished lower than earlier peaks after Group of Seven leaders discussed the possibility of releasing strategic reserves to ease pressure on global energy markets shaken by the escalating conflict in the Middle East.

Crude benchmarks surged during trading, with Brent and West Texas Intermediate briefly climbing toward one hundred and twenty dollars per barrel amid fears of major supply disruptions.

The rally was driven by mounting concern that the conflict involving Iran and regional powers could severely restrict oil flows through the Strait of Hormuz, a waterway responsible for transporting roughly one fifth of the world’s crude supply.

By the end of the session, prices had retreated from those highs as news emerged that G7 nations were evaluating emergency measures to stabilize energy markets.

Brent crude settled just under one hundred dollars a barrel, while U.S. West Texas Intermediate finished near ninety five dollars, both still marking some of the highest closing levels since two thousand twenty two.

The discussions followed an emergency meeting among G7 finance ministers and economic officials, who pledged to monitor energy markets closely as the Middle East conflict continues to disrupt oil shipments and threaten critical infrastructure.

While leaders signaled readiness to act if necessary, no formal decision was made to release oil from emergency stockpiles.

Energy analysts say the mere prospect of tapping reserves helped cool market speculation that the conflict could trigger an immediate global supply crisis.

Strategic petroleum reserves held by advanced economies contain billions of barrels of crude designed to cushion markets during major disruptions.

The current volatility reflects the central role of the Strait of Hormuz in global energy trade.

With heightened security risks deterring tanker traffic and some regional producers adjusting output due to logistical bottlenecks, traders fear that supply losses could intensify if the conflict spreads further.

At the same time, policymakers in major economies are balancing the need to stabilize prices against concerns that releasing emergency reserves too quickly could reduce strategic buffers if the crisis continues to escalate.

Oil markets remain highly sensitive to developments in the region, with analysts warning that prolonged disruptions to Gulf shipping routes could push prices substantially higher.

For now, the signal that major economies are prepared to coordinate a response has helped temper the sharpest gains in crude prices while uncertainty over the conflict continues to dominate the global energy outlook.