As Oil Prices Soar, G-7 Decides against Tapping Emergency Stockpiles

Group of Seven (G-7) leaders fell short of reaching an agreement to contain soaring oil prices that are shaking global stock markets and pushing up prices at the pump, as the U.S.-Israeli war with Iran marks its 10^th day.

G-7 leaders opted to hold off on tapping emergency oil reserves but signaled they may soon release that crude into the marketplace. Their meeting appeared to help calm stock markets, which by Monday afternoon recovered some of their early losses.

"We're not there yet," said French Finance Minister Roland Lescure, speaking to reporters in Brussels after the meeting. "We've agreed to monitor the situation very closely."

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