Macron to host G7 leaders call on iran crisis, energy prices

Macron Convenes G7 Leaders to Discuss Iran Crisis and Soaring Energy Prices

G7 Response to Iran Crisis and Energy Market Turmoil

PARIS, March 10 (Reuters) - French President Emmanuel Macron will convene a call with leaders of the Group of Seven on Wednesday to discuss the Iran crisis and rising energy prices, the French president's office said.

Background of the Crisis

The talks come as G7 governments weigh how to respond to a sharp rise in oil prices triggered by the U.S.-Israeli war on  Iran. 

Energy Ministers' Deliberations

G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.

Volatility in Oil Prices

Benchmark oil prices surged to almost four-year highs on Monday but prices plummeted 11% on Tuesday after U.S. President Donald Trump predicted the war in the Middle East could end soon.

U.S. Measures to Stabilize Oil Supply

U.S. officials are also weighing steps to keep oil flowing through the Strait of Hormuz, including providing naval escorts for commercial vessels and backstopping war risk insurance for tankers, as Washington seeks to reassure shippers and prevent further disruption to global energy supplies.

About the G7

The G7 comprises the United States, Canada, Japan, Italy, Britain, Germany and France.

France is the current G7 chair.

Reporting Credits

(Reporting by David Ljunggren in Ottawa, Canada; Jarrett Renshaw in Philadelphia and Dominique Patton in Paris; Editing by Mark Porter and Matthew Lewis)