Finance leaders from the Group of Seven (G7) nations have pledged to take “all necessary measures” to ensure stability in global energy markets as volatility rises due to the ongoing conflict in the Middle East.
Finance and energy ministers, along with central bankers from the United States, Canada, Japan, Britain, France, Germany and Italy, held a teleconference to coordinate a joint response as the war involving Iran continues to disrupt global energy supplies.
In a joint statement issued after the meeting, the G7 emphasized its commitment to safeguarding energy market stability and preventing wider economic impacts.
The move comes as oil prices are on track for a record monthly increase, raising concerns over inflation and economic growth worldwide.
Earlier this month, the 32-member International Energy Agency (IEA) agreed to release a record 400 million barrels of oil from strategic reserves to ease pressure on global prices.
The G7 also urged countries to avoid imposing unnecessary export restrictions on oil, gas and related products, stressing the importance of keeping supply chains open.
Officials warned that rising energy costs could fuel inflation, but reaffirmed that central banks remain committed to maintaining price stability through data-driven monetary policies.
