French President Emmanuel Macron will convene a call with leaders of the Group of Seven to discuss the Iran crisis and rising energy prices.
The French presidential office announced on Tuesday night, March 10, that this meeting will take place while G7 governments are reviewing their response to the sharp rise in oil prices caused by the US and Israeli actions against Iran.
G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.
Benchmark oil prices surged to almost four-year highs on Monday, but prices plummeted 11% on Tuesday after US President Donald Trump predicted the war in the Middle East could end soon.
US officials are still considering measures to ensure the flow of oil from the Strait of Hormuz, including providing military escorts for commercial ships and supporting war-risk insurance for tankers to prevent disruptions to the global energy supply.
France is the current chair of the G7, which also includes the United States, Canada, Japan, Italy, the United Kingdom, and Germany.
