Oil prices hold steady below $90 despite historic reserve release proposal. Brent crude futures rose 0.7% to $88.39 a barrel while U.S. crude gained 1.3% to $84.55 as traders assess geopolitical tensions. The International Energy Agency proposed the largest emergency oil reserve release in history, surpassing the 182 million barrels deployed after Russia's Ukraine invasion. G7 energy ministers met in Paris to address U.S.-Iran conflict impacts on global energy markets and the critical Strait of Hormuz blockade. Member nations hold over 1.2 billion barrels of public emergency stocks with an additional 600 million barrels of industry reserves under government obligation. Countries will decide Wednesday on whether to authorize the massive reserve release.
