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British finance minister Rachel Reeves will give an update on the government's economic response to the situation in the Middle East in parliament later on Monday, a spokesperson for Prime Minister Keir Starmer said.
The spokesperson said that the statement would include an update on a virtual G7 finance ministers' meeting, where countries were due to discuss co-ordinating their responses after US-Israeli strikes against Iran, and Tehran's retaliatory strikes against several Gulf nations prompted a spike in oil prices.
A French government source told Reuters that G7 finance ministers would discuss the possibility of the joint release of emergency oil reserves in a meeting on Monday.
EU Commission spokesperson Anna-Kaisa Itkonen has now confirmed that discussion will take place.
She also told reporters in Brussels that EU member states have sufficient stocks of oil and gas despite the disrupted supply chains due to the war in the Middle East.
"We are far less concerned about the security of supply than we are of the high energy prices," she said.
She said EU members had stocks of oil or equivalents to last up to 90 days, and that there was no sign of any emergency situation.
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