The Group of Seven (G7) nations are set to hold an emergency meeting on Monday following a sharp rise in global oil prices and a steep decline in stock markets. The surge came as the conflict between Iran, the United States, and Israel intensified, pushing crude oil prices above 100 dollars per barrel. According to BBC reports, UK Chancellor Rachel Reeves and other finance ministers from leading industrialized nations will discuss the economic fallout of the ongoing conflict.

Concerns over prolonged disruptions to energy supplies through the vital Strait of Hormuz have driven oil prices close to 120 dollars per barrel. The Financial Times reported that the G7 may consider coordinated oil releases from strategic reserves under the International Energy Agency’s framework. The UK’s FTSE 100 index fell 1.7 percent at the start of trading, reflecting investor anxiety over the crisis.

Analysts warn that any major disruption to energy flows from the region could further raise costs for global consumers and businesses, deepening the economic impact of the conflict.