Leaders of the Group of Seven have pledged to take all necessary measures to safeguard global energy market stability as the ongoing conflict in Iran continues to disrupt supply chains and heighten economic uncertainty. The commitment follows a joint meeting of G7 energy and finance ministers, who are closely monitoring the impact of the war on energy prices, inflation, and overall macroeconomic stability.
Although no specific interventions have been announced, the ministers emphasised the importance of coordinated international action to manage potential spillover effects. The discussions are expected to inform further deliberations among European policymakers, particularly as concerns grow over supply security and market volatility.
The International Energy Agency has already coordinated the release of 400 million barrels of oil in March to cushion supply disruptions linked to tensions around the Strait of Hormuz. However, the intervention has had limited impact, with global oil prices surging significantly. Brent crude has climbed to approximately $119 per barrel, with analysts warning of a potential spike to $200 under worsening conflict scenarios.
Meanwhile, the European Commission has indicated that Europe is currently grappling more with price volatility than outright shortages. Nonetheless, energy ministers across the European Union are intensifying engagements to assess reserve levels and supply risks, particularly as liquefied natural gas shipments are increasingly redirected toward higher-priced Asian markets.