The Iran war has forced oil producers in the Middle East to cut supply, putting further upward pressure on crude prices.

Oil prices surged early Monday, briefly trading near $120 a barrel, as the Iran War threatened to cause a full-blown global energy crisis.

The U.S. ordered non-emergency government staff to leave Saudi Arabia as the widening Iran war rattled global markets.

The G7 nations have yet to decide whether to release emergency stocks of oil in response to surging crude prices triggered by the was in Iran, the French finance minister has said. "We are not there yet,