French President Emmanuel Macron will host a call with G7 leaders on Wednesday to address the ongoing Iran crisis and soaring energy costs, his office said. The discussion comes amid a sharp spike in oil prices triggered by the US-Israeli military action in Iran, which has unsettled global markets.
G7 energy ministers recently stopped short of releasing strategic oil reserves, instead asking the International Energy Agency to assess the situation before taking further action. Benchmark oil prices surged to near four-year highs before dropping 11% after US President Donald Trump predicted a potential end to the conflict.
US officials are also exploring measures to keep oil flowing through the Strait of Hormuz, including naval escorts for commercial tankers and insurance guarantees. The talks will involve leaders from the G7 countries: the United States, Canada, Japan, Italy, Britain, Germany, and France, which currently holds the G7 chair.