National Bank Financial says that G8 leaders could calm market fears by signaling their willingness to tap strategic oil reserves.

“Beyond their initial intentions to address some issues like global warming and African economic poverty, Thursday morning’s terrorist acts in London could force G-8 leaders to consider energy supply as a top priority over the coming months,” the brokerage firm says in a research note.

“Since the oil market is already tight with little spare capacity from OPEC, any additional fear from a terrorist attack on oil fields, pipelines or Middle-Eastern terminals could easily push oil prices to levels that would undermine the global economic prosperity.”

NBF notes that coordinated U.K.-U.S. monetary policy shifts to prevent any consumer spending slowdown, would run the risk of further fueling the overheating housing market. “In this context, a coordinated effort from world leaders to reduce the speculation on the oil market,” should be considered, it suggests.

“Since some market watchers (including us) expressed doubts that record oil prices accurately reflect the supply and demand forces from traditional players, the time might [have] come for G-8 leaders to announce their willingness to tap into government oil strategic reserves,” it says. “Even if the long term impact of such a move on oil prices could be mitigated, it should nevertheless reduce current fears about oil shortages and discourage speculation by the same token.”