The French Finance Ministry announced on Monday that it will host an emergency meeting of G7 finance ministers at 13:30 local time (12:30 GMT) to review the rapidly deteriorating situation in the Gulf and the recent events transforming the Middle East.
French Finance Minister Roland Lescure confirmed he had coordinated with US Treasury Secretary Scott Bessent and other G7 counterparts to convene the session in response to the outbreak of war in Iran.
“The meeting will focus on the future impact and developments that might shape the region and affect the international order in the coming days,” he said.
France currently holds the rotating presidency of the G7 group of leading economies, which also includes Canada, Germany, Italy, Japan, the United Kingdom, and the United States.
A previous meeting of G7 finance ministers took place on January 27. Lescure described next week’s session as an opportunity for an open exchange of views on the evolving crisis.
“We will listen to what is coming up from the ground, from businesses, and from economists in these different parts of the world,” he added.
“The idea is that we shall be able to discuss the situation so that we can assess the necessary measures and responses in case we are supposed to act.”
Although the conflict remains regional at present, it carries a high risk of escalating into a global crisis, given that one-fifth of world trade passes through the Strait of Hormuz.
The war was triggered by US-Israeli airstrikes on Iran that began on February 28. Since then, Iran’s Islamic Revolutionary Guard Corps (IRGC) has repeatedly asserted that it maintains absolute control over the Strait.
A partial blockade affecting US allies has already sparked a severe fuel crisis in South Korea and Japan, both heavily reliant on Gulf oil supplies.
The blockade has driven crude oil prices up by more than 50 per cent, with Brent crude reaching $112 per barrel on Monday.
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