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G7 pledges coordinated action to steady energy markets amid war on Iran

G7 ministers held a teleconference and vowed coordinated steps to limit energy-price shocks and protect growth after Iran-related disruptions pushed global oil prices higher.

Mar 30th 2026 · Iran

Insights

  • G7 economy and finance ministers and central bankers said they stand ready to take necessary measures to preserve energy market stability.
  • Brent crude topped $116 a barrel after Iran targeted Gulf producers and disrupted shipping through the Strait of Hormuz.
  • The G7 urged countries to refrain from unjustified export restrictions on oil and gas and noted IEA demand-management options.
  • The International Energy Agency agreed earlier this month to release a record 400 million barrels from strategic reserves.
  • G7 central banks said they remain committed to price stability and will set monetary policy based on incoming data.