G7 Finance Ministers Urge Reopening of Strait of Hormuz Amid Global Economic Risks
Paris-Finance ministers and central bank governors from the Group of Seven nations on Tuesday called for the reopening of the Strait of Hormuz, warning that continued disruption to one of the world’s most critical energy shipping routes could heighten risks to global economic stability and energy markets.
In a joint statement issued after meetings in Paris, the G7 officials said it was “imperative” to restore normal transit through the strategic waterway, which handles a substantial share of global oil and liquefied natural gas shipments.
The statement was released following discussions among finance chiefs from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as tensions linked to the Middle East conflict continue to disrupt international trade and energy flows.
The ministers also emphasized the need to address widening global current account imbalances and reaffirmed their commitment to multilateral coordination in responding to threats facing the world economy.
The G7 warned against arbitrary export restrictions and stressed the importance of maintaining stable and predictable energy markets at a time of heightened geopolitical uncertainty and supply chain volatility.
The Strait of Hormuz, located between Iran and Oman, remains one of the world’s most strategically significant maritime chokepoints. Any disruption to traffic through the corridor can have immediate consequences for oil prices, shipping costs and inflationary pressures across major economies.
The latest G7 statement reflects growing international concern over the economic fallout from escalating regional tensions and the broader impact on global trade, energy security and financial markets.
