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A sudden shock to the world’s oil arteries has pushed major economies toward an emergency response, with a potential G7 oil reserve release now under active discussion among global leaders.

Energy ministers from the Group of Seven nations are scheduled to hold a virtual meeting Tuesday morning to weigh whether tapping strategic oil stockpiles could stabilize markets rattled by the war involving Iran and disruptions in the Strait of Hormuz, according to sources familiar with the talks.

The meeting follows a separate discussion Monday among finance ministers from the Group of Seven, who debated the idea but stopped short of announcing a final decision.

G7 Leaders Signal Readiness to Act

The G7 includes Canada, France, Germany, Italy, Japan, United Kingdom, and the United States — economies that collectively wield enormous influence over global energy policy.

Sources told CNBC that the talks have so far been “positive,” signaling growing momentum behind a coordinated move.

Any official decision on a G7 oil reserve release would likely follow Tuesday’s meeting of energy ministers, the sources said.

“We stand ready to take necessary measures, including to support global supply of energy such as stockpile release,” G7 finance ministers said in a statement issued after their Monday session.

Massive Oil Release Under Consideration

Officials familiar with the discussions say Washington is advocating a significant release of crude oil from emergency reserves.

According to sources, the United States believes a coordinated release of 300 million to 400 million barrels could help ease the crisis.

Such a move would represent roughly 25% to 30% of the 1.2 billion barrels collectively held in strategic reserves among participating nations.

The proposal reflects the scale of the current disruption — a supply shock that analysts say could ripple through global markets like a tremor beneath the world’s energy foundation.

Oil Prices Surge Past $100

Markets have already reacted sharply to the escalating tensions.

Oil prices briefly surged above $100 per barrel as the strategically vital Strait of Hormuz — a narrow shipping corridor connecting the Persian Gulf to the global ocean — remains effectively closed amid threats from Iran.

Roughly 20% of the world’s oil consumption typically flows through this critical waterway.

However, expectations that governments may unleash emergency reserves cooled prices slightly Monday.

U.S. crude oil was trading around $95 per barrel, while the global benchmark Brent crude hovered just below $100.