PARIS, 11 March 2026 – French President Emmanuel Macron is set to host a virtual call with leaders of the Group of Seven (G7) as major economies coordinate their response to the escalating Iran crisis and the sharp rise in global energy prices.
The emergency consultation comes as oil markets remain volatile following the conflict involving Iran, which has raised fears of supply disruptions and pushed crude prices to their highest levels in years.
Energy Shock Drives Urgent Talks
The meeting aims to assess the economic fallout from the crisis and consider possible coordinated actions among the G7 countries, the United States, Canada, Japan, Germany, France, the United Kingdom and Italy.
Energy prices surged earlier this week as tensions in the Middle East threatened oil production and shipping routes. Brent crude briefly climbed to near four-year highs before retreating after signals that diplomatic solutions could still emerge.
G7 energy ministers have already discussed potential measures to stabilise the market, including the possibility of releasing strategic oil reserves if supply disruptions worsen.
Strategic Oil Reserves Under Review
Although the group has not yet agreed on releasing emergency oil stockpiles, officials have asked the International Energy Agency (IEA) to evaluate the situation and prepare possible scenarios should market conditions deteriorate further.
Energy analysts say such a coordinated release could help stabilise global markets if the conflict significantly disrupts oil flows through key shipping lanes such as the Strait of Hormuz, a critical route for global crude supply.
Global Markets on Edge
The Iran crisis has sent ripples through financial markets worldwide. Oil price volatility has heightened inflation concerns and raised fears of a broader economic slowdown if energy costs remain elevated for an extended period.
For policymakers, the immediate challenge is balancing geopolitical responses with economic stability, particularly as higher fuel prices could weigh on consumer spending and industrial production across advanced economies.
The upcoming G7 leaders’ discussion is expected to focus on maintaining energy security, ensuring stable supply chains and coordinating policy responses to mitigate the economic shock from the Middle East conflict.
