Oil Prices Stabilize After Initial Surge

International oil prices appear to be stabilizing after their initial surge. This development follows reports that G7 countries will discuss a possible joint release of strategic reserves to offset supply disruptions due to the conflict with Iran.

At 10:32 AM, British Brent fell to $107.80 a barrel, while US crude was trading at $102.79 a barrel.

Overall, prices remain up over 25% since the start of the war. US President Donald Trump acknowledged the rise in oil prices, noting that they are likely to remain high in the short term.