MercoPress. South Atlantic News Agency

UK warns of higher inflation and backs oil reserve release amid Middle East war

British finance minister Rachel Reeves said on Monday that the United Kingdom was ready to support a coordinated release of international oil reserves if the Middle East crisis keeps pushing up energy prices, though no formal G7 decision has yet been taken. Reeves made the statement after joining a virtual meeting of G7 finance ministers, as oil prices remained elevated because of disruption to shipping through the Strait of Hormuz. Reuters reported that the option under discussion is a joint emergency stock release under the International Energy Agency framework. Read full article