Macron Hosts G7 Talks as Iran Crisis Raises Global Energy Fears

French President Emmanuel Macron will host a call with leaders of the G7 on Wednesday to discuss the Iran crisis and its impact on global energy markets, as governments monitor rising oil prices and potential energy supply disruptions.

The talks come as tensions in the Middle East have pushed crude prices higher, raising concerns about a possible energy shock. The conflict involving Iran has created uncertainty around oil supply routes, particularly through the Strait of Hormuz, one of the world’s most important shipping lanes for crude and liquefied natural gas.

Around one-fifth of global oil consumption passes through the strait, making it a critical route for energy supplies moving from Gulf producers to international markets. Any disruption to shipping in the area can quickly affect global oil supply and energy trade.

• Macron calls emergency G7 talks over Iran crisis and oil fears
• Leaders discuss energy supply risks from Strait of Hormuz
• G7 weighs options as Middle East tensions push oil prices up

The G7 group – comprising the United States, Canada, Japan, Italy, Britain, Germany and France – is examining options to address the situation and limit further increases in energy prices that could affect economic growth. France currently holds the rotating presidency of the group and is coordinating the discussions among leaders.

Earlier discussions among G7 energy ministers did not produce an agreement to release oil from strategic oil reserves, a step governments sometimes take during supply disruptions. Instead, ministers asked the International Energy Agency (IEA) to assess market conditions and outline possible measures before any decision is taken.

The IEA has been reviewing whether a coordinated release of emergency reserves could help stabilise markets if supply conditions worsen. Oil prices have fluctuated in recent days as traders respond to developments in the Middle East and the possibility of disruptions to tanker traffic.

Officials in the United States are also examining steps to keep oil shipments moving through the Strait of Hormuz. Measures under discussion include providing naval escorts for commercial tankers and government-backed war-risk insurance for vessels operating in the region.

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The call between G7 leaders is expected to focus on diplomatic coordination and economic measures aimed at limiting the impact of the crisis on global energy supplies and financial markets. Energy security and stable markets remain closely linked to inflation and economic conditions worldwide, increasing pressure on governments to respond to the situation.