Emergency talks as energy prices spike
Ministers from the G7 countries will hold talks on Monday to analyse the economic consequences of the Middle East war, the French government announced. Oil and gas prices continue to surge following recent attacks by the United States and Israel against Iran, with Tehran retaliating by targeting oil-exporting countries and disrupting shipments through the Gulf.
Focus on financial markets and energy supply
The pressure on energy supply has triggered a sharp rise in prices, creating cascading effects across global supply chains. French Finance Minister Roland Lescure said the G7 meeting, conducted via videoconference, will include Energy and Finance Ministers, Central Bank governors, and heads of other international organisations.
“There are already differences in responses largely linked to varying exposure to the crisis,” Lescure said, highlighting Asia’s particular vulnerability. He added that the meeting aims to exchange views on the impact on financial markets and the broader economy.
G7 calls for free passage through Strait of Hormuz
The G7, an informal group including the United States, Canada, the UK, France, Germany, Italy, and Japan, helps shape policy discussions among the world’s wealthiest nations. Following a recent Foreign Ministers meeting, the G7 emphasised the “absolute necessity” for Iran to restore free passage through the Strait of Hormuz and called for an end to attacks on civilian infrastructure.
Uncertainty fuels government responses
Governments worldwide have taken measures to mitigate the impact of supply disruptions and rising energy prices. However, uncertainty over U.S. military objectives, the conflict’s duration, and the potential escalation of hostilities has left authorities seeking coordinated responses. U.S. officials, including President Donald Trump, claim their objectives are nearly achieved, yet thousands of American troops remain deployed in the region.
Reports indicate that over 3,000 people have died in Iran due to the conflict, with more than half being civilians, while Lebanese officials report over 1,000 deaths from Israeli retaliatory strikes. Israeli and Gulf states’ authorities have cited lower casualty figures.
Source: CNA
Also read: Trump claims he could seize oil and seal deal with Iran
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