Paris, France – Web Desk: Ministers from the G7 countries are convening via videoconference on Monday to address the financial and economic impact of the ongoing Middle East conflict. The meeting comes as oil and natural gas prices surge due to disrupted supplies in the region.
The conflict escalated in late February when the United States and Israel launched strikes on Iran. In response, Iran targeted oil-exporting countries and halted shipments through the Gulf, further tightening global energy supply and driving prices higher.
French Finance Minister Roland Lescure told a press conference that the meeting will include energy and finance ministers, central bank governors, and heads of international agencies. He noted that responses vary widely across countries depending on their exposure to the crisis, with Asia particularly vulnerable to the resulting turmoil.
“This is one of the reasons we wanted to convene a G7 of finance, energy, and central banks,” Lescure said, emphasizing that the session will exchange views on financial markets and the broader economic impact. He added that this marks the first time in half a century the G7 has used this format for such a discussion.
The G7, an informal grouping of the US, Canada, UK, France, Germany, Italy, and Japan, plays a key role in shaping policy debates among the world’s wealthiest nations. The United States has sought the group’s support to pressure Iran to reopen the Strait of Hormuz, a crucial shipping route for global oil supplies.
Meanwhile, governments worldwide are implementing measures to mitigate the effects of rising energy costs, but uncertainty around US war aims and the potential spread of the conflict has left many nations scrambling for coherent strategies.
Reports indicate that over 3,000 people have died in Iran due to the US-Israeli campaign, with civilians comprising more than half of the casualties. Neighboring Lebanon has reported over 1,000 deaths following Israeli attacks on Hezbollah targets, while other Gulf countries have seen smaller-scale casualties.
