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00:02Group of seven finance ministers said they are prepared to support global energy supply,
00:07including releasing strategic oil reserves, but said the group has not yet decided to take that
00:11step, according to Bloomberg. The group said it will continue monitoring energy markets and
00:17coordinate with international partners if action becomes necessary. French finance minister Roland
00:22Lescure said the group is not there yet on a release, but is working with the International
00:27Energy Agency. Brent crude jumped as much as 29% Monday before retreating after reports that the
00:33G7 would discuss a stockpile move. The war has reduced output from Saudi Arabia, Kuwait, Iraq,
00:40and the United Arab Emirates and effectively closed the Strait of Hormuz, a key global oil
00:45shipping route. For all things money, visit Benzinga.com.
