06:43 AM EDT, 03/10/2026 (MT Newswires) -- The Group of Seven energy ministers will discuss on Tuesday a plan to release crude oil from reserves to stabilize the energy market, Bloomberg reported, citing French Finance Minister Roland Lescure.

The US view is that a joint release of 300 million barrels to 400 million barrels, representing 25% to 30% of the 1.2 billion barrels in the G7 reserve, would be appropriate, sources told CNBC.

In a statement following a virtual meeting of finance ministers on Monday, the G7 said in a communique that "we stand ready to take necessary measures, including to support global supply of energy, such as stockpile release," without providing any details.

West Texas Intermediate crude oil futures fell 5.5% to $89.53 a barrel early Tuesday, after touching $119.48 on Monday before an intervention from US President Donald Trump to stem the surge in black gold.

Trump said that the war with Iran could come to an end soon, CBS reported Monday. He said the US is "very far" ahead of his initial estimate that the conflict could take up to five weeks to end, according to the news report.