Rising energy prices prompt emergency G7 talks on Middle East war

Ministers from the Group of Seven will convene to discuss the economic consequences of the ongoing war in the Middle East as oil and gas prices continue to surge, POLITICO reports.

The United States and Israel launched military strikes on Iran in late February, prompting Tehran to retaliate by targeting crude-exporting countries in the region and halting shipments through the Gulf. The resulting supply squeeze has driven oil and natural gas prices higher, with ripple effects across global supply chains.

French Finance Minister Roland Lescure said the G7 meeting, to be held via videoconference, will include energy and finance ministers, central bank governors, and heads of other international agencies. “There are already differences in the responses largely linked to differences in exposure to the crisis,” Lescure said at a press conference Friday, noting that Asia is particularly vulnerable to the turmoil.

“That is one of the reasons why we wanted to convene a G7 of finance, energy, and central banks,” he added. Lescure emphasized that the goal is to exchange views on the impact of the crisis on financial markets and the broader economy. He later told local media that this marks the first time in half a century that the G7 has employed this format.

The G7—comprising the United States, Canada, Britain, France, Germany, Italy, and Japan—helps shape policy debates among the world’s wealthiest nations. The United States has sought the group’s support in pressuring Iran to reopen the Strait of Hormuz, a critical shipping route for global oil supplies.

Following a meeting last week, G7 foreign ministers called it an “absolute necessity” for Iran to restore free passage through the strait and demanded an end to attacks on civilian infrastructure.

Governments worldwide have implemented measures to mitigate the impact of supply disruptions and surging energy prices. However, uncertainty over U.S. war aims, the potential duration of the conflict, and the spread of hostilities has left policymakers scrambling for coherent responses.

US officials, including President Donald Trump, have claimed their objectives are nearly achieved, yet thousands of US personnel have been deployed to the region in an unprecedented military build-up.

Activists outside Iran report that more than 3,000 people have been killed in the country, over half of them civilians, while Lebanese officials say over 1,000 have died since Israel began retaliatory strikes against Hezbollah on March 2. Officials in Israel and other Gulf countries have reported smaller casualty figures.

By Vafa Guliyeva