The Group of Seven (G7) nations will hold an emergency meeting as reported by Financial Times to address surging oil prices and the impact on the global economy as stock markets fall amid the escalating Middle East conflict.
Finance ministers from the world’s leading industrial economies are expected to discuss the sharp rise in energy prices after crude oil surged above $100 a barrel, with prices briefly approaching $120 due to fears of prolonged supply disruptions.
The surge is linked to the war involving Iran, Israel and U.S. forces, which has disrupted shipping through the Strait of Hormuz, a critical route through which about one-fifth of global oil supplies normally pass.
Officials are expected to discuss possible emergency measures, including a coordinated release of strategic petroleum reserves through the International Energy Agency (IEA) to stabilize markets and prevent further economic shocks.
Global stock markets in Asia and Europe dropped sharply as investors reacted to rising energy costs and fears that the conflict could trigger a prolonged energy crisis and higher inflation worldwide
