PARIS: French President Emmanuel Macron will host a call with leaders of the Group of Seven (G7) on Wednesday to discuss the escalating Iran crisis and rising global energy prices, according to the French presidency.
The emergency discussion comes as G7 nations assess how to respond to a sharp surge in global oil prices, driven by tensions following the U.S.-Israeli conflict involving Iran.
Earlier this week, benchmark crude oil prices climbed to nearly four-year highs, reflecting fears that the conflict could disrupt supplies from the Middle East. However, markets reversed course on Tuesday, with oil prices falling about 11%after U.S. President Donald Trump suggested the war could end soon.
The Strait of Hormuz, a critical global shipping route for oil, remains a key concern for policymakers. U.S. officials are considering measures to ensure the continued flow of energy supplies through the strategic waterway.
Among the options under review are naval escorts for commercial tankers and government-backed war-risk insurance to reassure shipping companies and prevent further disruptions to global oil markets.
The G7 group, which includes the United States, Canada, Japan, Italy, Britain, Germany, and France, is expected to coordinate potential responses aimed at stabilizing energy markets and maintaining secure oil shipments.
France currently holds the G7 presidency, giving Macron a central role in coordinating the group’s response to the unfolding crisis.
-Dominique Porter
