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.

The conversation came as fighting involving the United States, Israel and Iran continues to expand across the region, raising concerns among international leaders about broader instability and disruptions to global energy markets.

Carney and the Qatari emir emphasized the importance of strengthening diplomatic efforts to contain the conflict and prevent further escalation, according to the statement from the Canadian leader’s office.

The two leaders also condemned Iranian missile and drone attacks targeting Qatar. Carney expressed Canada’s solidarity with Qatar following the strikes.

“In accordance with international law, the leaders called for an immediate end to attacks on civilians and civilian infrastructure that only serve to destabilise the region and worsen the global economic and energy situation,” the statement said.

Hostilities escalated after the United States and Israel began military strikes against Iran on Feb. 28. Iran subsequently launched retaliatory attacks against Israel and several Gulf states hosting U.S. military bases.

U.S. President Donald Trump has offered varying objectives and timelines for the military campaign. The conflict has resulted in significant casualties inside Iran, including the death of Iran’s Supreme Leader Ali Khamenei, according to the information provided.

At least 1,230 people have been killed in Iran since the start of the conflict, according to the humanitarian organisation Iranian Red Crescent Society.

Among them were 175 schoolgirls and staff killed in a missile strike on a primary school in southern Iran, the group said.

Iran’s military has also reported that more than 100 people were killed when a U.S. submarine sank an Iranian warship off the coast of Sri Lanka last week.

Israeli authorities say 11 civilians have been killed in Israel since the conflict began, while the U.S. military has reported that seven American service members have died.