French President Emmanuel Macron will convene a meeting with G7 leaders on Wednesday to discuss the Iran crisis and rising energy prices, the French president’s office said.
The discussions come as G7 governments assess how to respond to a sharp rise in oil prices triggered by the United States and Israel’s war against Iran.
G7 energy ministers failed to reach an agreement on the release of strategic oil reserves this Tuesday and instead called on the International Energy Agency to assess the situation before taking action.
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Benchmark oil prices rose to their highest levels in nearly four years on Monday, but prices fell 11% on Tuesday after US President Donald Trump predicted the war in the Middle East could end soon.
U.S. officials are also evaluating measures to maintain the flow of oil through the Strait of Hormuz, including providing naval escorts for commercial vessels and supporting war-risk insurance for tankers, as Washington seeks to reassure shippers and avoid further disruption to global energy supplies.
The G7 is made up of the United States, Canada, Japan, Italy, the United Kingdom, Germany and France. France is the current president of the G7.
