France's Economy and Finance Minister Roland Lescure, center, at the French Economy minister in Paris on March 30, 2026. ANNA KURTH / AFP
G7 economy and finance ministers on Monday, March 30, said they stood ready to take "all necessary measures" to ensure the stability of the energy market as they tackled the economic consequences of war in the Middle East.
The United States and Israel launched strikes on Iran in late February, and Tehran has hit back by targeting crude-exporting countries in the region and halting most shipments through the Gulf. The squeeze on supply has pushed oil and natural gas prices higher, with drastic knock-on effects for supply chains in multiple industries.
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Closure of Strait of Hormuz is 'greatest global energy security threat in history,' warns IEA chief
