UK urges G7 unity amid Iran war, warns against trade barriers

Britain’s Finance Minister Rachel Reeves will call on her G7 counterparts to avoid unilateral actions, such as new trade barriers, during the ongoing war in Iran, cautioning that such moves could further threaten global energy security, Reuters reports.

In a statement released by her ministry, Reeves said the G7 “should act together, not in ways that shift pressure onto partners or weaken collective resilience.” The meeting will bring together finance ministers, energy ministers, and central bank governors from the Group of Seven — the US, Britain, Canada, France, Germany, Italy, Japan — along with representatives of the European Union.

Reeves is expected to emphasize that protectionist measures and new trade barriers risk disrupting supply chains, increasing costs, and weakening energy and goods flows. She will stress the importance of cooperation among the world’s largest economies to keep resources moving efficiently and to help lower costs over time.

The conflict, which began on February 28 when the United States and Israel launched strikes on Iran, has rapidly escalated across the Middle East. Thousands of people have been killed, and the disruption to energy supplies has dealt a major blow to the global economy, creating what analysts describe as the largest-ever shock to global energy markets.

By urging a coordinated response, Reeves is aiming to prevent individual G7 nations from pursuing measures that could worsen energy shortages or further destabilize international markets.

“This is a critical moment for multilateral action,” the statement noted, highlighting the potential dangers of fragmented approaches that could compound economic uncertainty during a period of heightened geopolitical risk.

The meeting comes amid rising oil and gas prices worldwide, driven by the conflict and the closure of key shipping routes, including the Strait of Hormuz, which has historically accounted for a significant portion of global oil exports.

By Vafa Guliyeva