The G7 group is set to hold an emergency meeting later today to discuss the possibility of a coordinated release of oil reserves under the coordination of the International Energy Agency, in response to soaring oil prices caused by escalating tensions in the Middle East. The meeting will involve officials from G7 member countries and IEA Executive Director Fatih Birol. Some U.S. officials have proposed a joint release of 300 to 400 million barrels of oil, representing approximately 25% to 30% of the 1.2 billion barrel strategic petroleum reserve. Due to the Middle East situation, international oil prices continued to rise in the latest trading session. The price of light crude oil for April delivery on the New York Mercantile Exchange approached $120 per barrel, with intraday gains exceeding 30%. The surge in oil prices has placed significant pressure on governments. As of the 8th, the average price of gasoline in the United States has increased by nearly 50 cents per gallon compared to a week ago, with no signs of the upward trend abating.