Oil prices have spiked near $120 a barrel as the Iran war disrupts oil production and shipping in the Middle East.
Crude prices fell back Monday after the Financial Times reported that members of the Group of Seven industrial nations were considering releasing some strategic oil reserves to ease pressures on supplies.
U.S. benchmark crude was trading at about $103 per barrel while Brent crude was near $108 per barrel.
Supply concerns have driven crude and gasoline higher prices as the war ensnares major oil-producing countries and hinders exports from the Persian Gulf.
Surging oil prices jolted other financial markets, as share benchmarks in Japan and South Korea plunged more than 5%.