WORLD – Oil prices saw sharp swings on Monday as escalating tensions in the Middle East raised concerns about possible disruptions to global energy supplies.

Brent crude climbed to around $112 per barrel during early trading, while U.S. West Texas Intermediate reached nearly $108.5 per barrel, as markets reacted to fears that conflict could affect supply routes.

Prices later fell after reports that Group of Seven (G7), an informal, intergovernmental forum of seven of the world's most advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, are considering releasing up to 300 to 400 million barrels from their strategic petroleum reserves in an effort to calm markets and prevent further price spikes.

The discussions reflect growing concern among major economies about the broader economic impact of continued instability in global energy markets.