G7 Convenes Emergency Session as Iran War Enters Fifth Week, Roiling Global Markets
Finance ministers from the world's largest economies held crisis talks Monday as the Iran conflict triggered the most severe energy market disruptions since the 1970s oil shocks. The unscheduled G7 meeting included unprecedented participation from the IMF, World Bank, and IEA - a first in the group's 51-year history.
Missile exchanges between U.S.-Israeli forces and Iranian military units have knocked out 3.2 million barrels per day of crude production since February 28. Brent futures surged 18% last week alone, with traders anticipating further supply constraints as Persian Gulf shipping lanes become increasingly hazardous.
'We're monitoring developments hour-by-hour,' said French Finance Minister Roland Lescure after the closed-door session. The gathering produced no concrete measures but established working groups to address food security risks and strategic petroleum reserve coordination.
