G7 finance ministers, central bankers and energy ministers will discuss the release of strategic oil reserves at next week's meeting, French trade minister Serge Papin said on Thursday.

"The discussion will focus on the release of strategic reserves," he said in an interview with French broadcaster CNews/Europe 1.

Iran has effectively blocked transit through the Strait of Hormuz in the face of its war with the United States and Israel, affecting about a fifth of the world's global energy supply.

IEA member countries agreed on March 11 to release stocks from their strategic reserves to aid the situation, and the organization's chief Fatih Birol said more could be released as necessary.