Japanese Industry Minister Akazawa says Japan discussed the energy situation and potential oil reserves release with G7 energy ministers; G7 confirmed readiness to take necessary measures

• IEA's Birol explained the necessity of resuming shipping in the Strait of Hormuz and the need for coordinated oil reserve release.

The remarks from Japan's Industry Minister indicate a significant dialogue among G7 nations regarding energy security and potential oil reserve releases, particularly in response to the ongoing challenges in the Strait of Hormuz. This suggests a coordinated effort to stabilize oil markets, which could lead to price volatility in crude oil and metals as market participants assess the implications for supply dynamics and geopolitical tensions.