Nigeria, March 10 -- The Group of Seven (G7) nations on Monday reiterated readiness to take "necessary measures" to support global energy supply after the war involving the United States, Israel and Iran pushed oil prices sharply higher.

But a meeting of the G7 finance ministers and the International Energy Agency (IEA) ended without an agreement to release strategic crude reserves, the BBC reported.

The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

The development comes amid a sharp surge in global crude prices triggered by supply disruptions linked to the ongoing conflict involving the US, Israel and Iran.

Oil prices climbed to nearly $120 per barrel on Monday amid fears of prolonged s...