Oil prices soar as Iran names new supreme leader and digs in

New York, Mar 9 (AP) The Group of Seven major industrialized powers have decided against using strategic reserves for now to counter the impact on oil prices from the Iran war.

"We're not there yet," French Finance Minister Roland Lescure said after chairing a meeting of his G7 counterparts.

"We are ready to take necessary and coordinated steps in order to stabilise markets, such as strategic stockpiling," Lescure told reporters in Brussels. (AP)