Oil Dips Below $100 as G7 Mulls Coordinated Stockpile Release

Oil clawed back some gains after smashing through $100 a barrel as the world’s largest economies consider a co-ordinated release of emergency oil stockpiles, with a standstill of tanker traffic through the vital Strait of Hormuz choking off supplies to the rest of the world.

West Texas Intermediate traded roughly 4% higher near $95 a barrel after earlier surging as much as 31%. Prices pared gains after Group of Seven finance ministers said they were ready to take any steps needed to support global energy supply, including releasing strategic reserves, though the group isn’t at the point of doing so ...