G7 finance ministers convened to evaluate the release of emergency oil reserves due to rising prices linked to the Iranian conflict but decided against immediate action. Oil prices surged, with Brent Crude briefly exceeding $120 a barrel amid ongoing tensions affecting the Strait of Hormuz. Canadian Finance Minister François-Philippe Champagne emphasized the need for coordination on energy supplies, while Conservative Leader Pierre Poilievre urged the government to expedite oil and gas production policies to mitigate price hikes.
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