Macron convenes G7 leaders’ call as Iran war jolts oil markets

Paris— Emmanuel Macron will host a call with leaders of the Group of Seven (G7) on Wednesday to discuss the escalating Iran crisis and surging energy prices triggered by the U.S.-Israeli war on Iran, the French presidency said.

The discussions come as major economies assess potential responses to volatility in global oil markets following the conflict. Benchmark crude prices surged to nearly four-year highs on Monday before dropping sharply on Tuesday after Donald Trump said the Middle East war could end soon.

The G7 grouping includes the United States, Canada, Japan, Italy, Britain, Germany and France, which currently holds the rotating presidency of the forum.

Oil markets have been rattled by fears that the conflict could disrupt supplies from the Middle East, particularly shipments moving through the strategically vital Strait of Hormuz, one of the world’s most important oil transit chokepoints.

Prices fell about 11% on Tuesday after Trump predicted the conflict might soon de-escalate, easing some concerns among traders about immediate supply disruptions.

Energy ministers from the G7 met earlier on Tuesday but stopped short of agreeing on a coordinated release of strategic petroleum reserves. Instead, they asked the International Energy Agency to evaluate the situation before any collective action is taken.

U.S. officials are also considering measures to ensure continued oil shipments through the Strait of Hormuz, including naval escorts for commercial vessels and guarantees for war-risk insurance for tankers. The steps are aimed at reassuring shipping companies and preventing further disruptions to global energy supplies as tensions in the region persist.