As prices surged, leaders from the Group of Seven (G7) major industrial economies discussed the possibility of releasing strategic oil reserves to calm markets.
French President Emmanuel Macron suggested that emergency reserves could be used to control rising prices and stabilise the global oil market.
The statement initially helped cool the market slightly. However, later in the day, the G7 said it had not yet decided to release reserves.
French Finance Minister Roland Lescure, who chaired a meeting of G7 finance ministers in Brussels, said the group was ready to take action if needed.
“We’re not there yet,” he said, but added that the G7 was prepared to take coordinated steps, including the use of strategic stockpiles, if the situation worsens.