G7 finance ministers called an emergency meeting Monday as global oil prices neared $120/barrel, driven by near-total shutdown of Strait of Hormuz traffic since the war began. UK Chancellor Rachel Reeves joins talks expected to discuss a coordinated IEA strategic petroleum reserve release — the first since Russia invaded Ukraine in 2022. FTSE 100 fell 1.5%; broader market rout continues. About 20% of global oil supply transits the Strait. Sources: BBC, Financial Times.