Tokyo

The Group of Seven (G7) has declared its readiness to take “all necessary measures” to stabilise global energy markets amid disruptions caused by the ongoing conflict involving Iran.

The statement came after a virtual meeting of finance ministers, energy ministers and central bank governors, as reported by Kyodo News.

Global oil markets have been rattled by the conflict, with Brent crude prices surging past USD 116–120 per barrel due to fears of prolonged instability and the effective closure of the Strait of Hormuz, a key route for global oil shipments.

In its joint statement, the G7 reaffirmed its commitment to maintaining pressure on Russia over sanctions linked to the Ukraine conflict, while also urging countries to avoid imposing unjustified export restrictions on petroleum products.

The grouping said it would closely coordinate with international partners and remain prepared to respond to further developments in the evolving crisis.

Speaking in Tokyo, Japan’s industry minister Ryosei Akazawa said preparations are underway for a potential coordinated release of strategic oil reserves by the International Energy Agency (IEA).

Japan’s finance minister Satsuki Katayama warned that rising crude prices are already impacting currency markets and could pose risks to economic stability and daily life, adding that authorities are monitoring the situation with “extremely high vigilance.”

The disruption follows an escalation in the West Asia conflict after US and Israeli strikes on Iran, with Tehran effectively blocking the Strait of Hormuz, triggering supply concerns and price volatility.

Earlier this month, the Paris-based IEA—comprising 32 member countries including G7 nations—announced a coordinated release of more than 400 million barrels of oil reserves, its first such move since the 2022 crisis following Russia’s invasion of Ukraine.

According to the agency, Japan contributed 79.8 million barrels, while the United States supplied the largest share at 172.2 million barrels.

Japan, which relies on the Middle East for over 90 per cent of its crude imports, remains particularly vulnerable to supply disruptions.

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The G7 meetings, chaired this year by France, were held earlier this month, with member nations agreeing to stay prepared for further coordinated action as the situation unfolds.