On the night from Sunday to Monday prices oil WTI jumped by almost 20 percent, reaching a price of $108. per barrel. Brent crude oil prices increased by 16%. to the level of $107. This is another price jump for the raw material as a result of the US and Israel's war with Iran. Since last week, the price of WTI has increased by as much as 58%. according to CNBC, it is the fastest price increase since 1983.
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Attack on Iran. Donald Trump under pressure from rising fuel prices in the US
According to the Financial Times, the extraordinary meeting is to be held in the form of a teleconference with the participation of IEA Executive Director, Fatih Birol. This will be a topic of conversation the impact of the US and Israel's attack on Iran on the global oil market and a sharp increase in oil prices.
According to the daily's sources familiar with the matter at least three G7 countries, including the United States, have expressed preliminary support for such a solution.
Countries belonging to the International Energy Agency have strategic oil reserves that are part of a common system for responding to energy crises. According to one of the Financial Times' interlocutors American officials are considering releasing 300 to 400 million barrels of crude oil. That would mean utilization approximately 25-30 percent with total reserves of approximately 1.2 billion barrels.
The talks come as President Donald Trump is under pressure to halt soaring fuel prices in the United States. Within a week, the average price of gasoline there increased from $2.98. up to $3.45 per gallon and — analysts say — could continue to rise.
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Risk of effects on the global economy
The sharp rise in oil prices in recent days has raised concerns about the consequences for the global economy. Higher energy costs could lead to higher inflation and slower economic growth in many countries.
Strong countries are particularly exposed to price fluctuations dependent on oil imports such as China, India, Japan, South Korea and European economies including Germany, Italy and Spain.
The system of strategic oil stocks was created in 1974 with the establishment of the International Energy Agency. This was a response to the Arab oil crisis in 1973, which led to a sharp increase in oil prices and serious fuel shortages in many Western countries.
