Finance ministers of the Group of Seven (G7) will consider releasing strategic oil reserves to stabilise global energy markets disrupted by the ongoing Middle East conflict.

A source in the French Ministry of Economy and Finance said the option would be discussed during the G7 finance ministers’ meeting scheduled for Monday.

The discussions come as tensions from the war involving the United States, Israel, and Iran continue to push global oil prices higher.

According to a report by the Financial Times, the G7 is considering a coordinated release of strategic reserves through the International Energy Agency.

The French government said the meeting would review recent developments in the Persian Gulf and assess their economic impact.

“The use of strategic reserves is an option being considered,” the government source said.]

France currently holds the rotating presidency of the G7, which includes Canada, Germany, Italy, Japan, the United Kingdom, and the United States.

Global markets have already reacted sharply to the crisis. Asian stock markets dropped on Monday while oil prices surged by about 30 percent amid fears of supply disruptions from the Middle East.

The spike eased slightly after the Financial Times report indicated that at least three G7 members, including the United States, support the proposal.

Meanwhile, Donald Trump, President of the United States, said the rise in oil prices was “a small price to pay” to eliminate Iran’s nuclear threat, insisting that the increase would be temporary.

The International Energy Agency was established after the 1973 oil crisis to coordinate responses to major disruptions in oil supply.

Under its rules, member countries must maintain emergency oil stocks equivalent to at least 90 days of net oil imports, either held by governments or private companies.