Economy and finance ministers from the Group of Seven (G7) nations have pledged to take all necessary measures to stabilize global energy markets as the US-Israeli war on Iran disrupts oil supplies. Following a teleconference organized by France, which currently holds the G7 presidency, the ministers and central bankers issued a joint statement emphasizing their readiness to act in coordination with partners to preserve energy market stability and security. The meeting came as Iran’s retaliatory attacks on Gulf oil producers and its blockade of the Strait of Hormuz pushed Brent crude prices above $116 a barrel.

The G7, comprising the United States, Canada, Japan, Britain, France, Germany, and Italy, urged countries to avoid unjustified export restrictions on oil and gas. They also noted the International Energy Agency’s (IEA) recommendation to manage demand and its earlier decision to release 400 million barrels from strategic reserves. Japanese Finance Minister Satsuki Katayama warned that prolonged supply disruptions could harm global growth, while British Chancellor Rachel Reeves called for a swift resolution to the Middle East conflict.

The G7 statement added that central banks remain committed to maintaining price stability as rising energy costs threaten to fuel inflation worldwide.