PARIS — G7 economy and finance ministers declared on March 30 they stand ready to deploy “all necessary measures” to safeguard energy market stability, addressing the economic fallout from the escalating Middle East conflict.
The joint statement from energy and finance ministers, plus central bank governors of the United States, Canada, Britain, France, Germany, Italy, and Japan, under France’s rotating presidency, emphasized coordinated efforts to counter supply disruptions. “We recognise the importance of coordinated international action to mitigate spillovers and safeguard macroeconomic stability,” it said.
U.S. and Israeli strikes on Iran since late February have prompted Tehran’s retaliation, including attacks on crude-exporting nations and a near-total halt to Gulf shipments, particularly via the blockaded Strait of Hormuz. This has driven up oil and natural gas prices, rippling through global supply chains.
French Finance Minister Roland Lescure, who chaired the meeting, warned of “energy consequences, economic consequences, financial market consequences and potentially inflation consequences.” He urged countries to avoid unjustified hydrocarbon export restrictions.
The G7 continues monitoring impacts on growth and financial conditions. Last week, foreign ministers deemed reopening the Hormuz strait an “absolute necessity” and condemned attacks on civilian infrastructure.
Governments are racing to cushion blows: France allocated €70 million ($103 million) on March 27 to aid fishing, agriculture, and transport sectors. Lescure stressed targeted, rapid support, saying, “This is a crisis that affects all of us… We need to ‘act quickly and act fairly’.”
The U.S. has surged thousands of troops to the region amid claims from President Donald Trump that war aims near completion, though activists report over 3,000 Iranian deaths, half civilians, plus 1,000 in Lebanon since Israel’s March 2 strikes on Hezbollah targets.