The group of Western powers, which have remained cautious about the war in Iran waged by Israel and the US, met on Wednesday to try to minimize the conflict's impact on the global economy.

A near 14% jump in oil prices due to the Iran war triggered an emergency meeting of the G7 with plans to release strategic reserves top of the agenda.

Oil prices surged above $100 per barrel as the critical Strait of Hormuz remains closed due to threats from Iran.