Mar 31, Kathmandu - In a decisive move to stabilize the worldwide energy market amidst ongoing conflict in Iran, the Group of Seven (G7) nations have announced their readiness to implement necessary measures. The decision comes as disruptions in energy supplies caused by prolonged tensions and the closure of the Strait of Hormuz have led to soaring fuel prices.

Following a virtual meeting of energy ministers, finance ministers, and central bank governors, the G7 issued a statement reaffirming their commitment to maintaining stability despite ongoing sanctions against Russia due to its war with Ukraine. The group emphasized the importance of coordinated international efforts to prevent unjustified restrictions on petroleum exports.

According to Kyodo News, the G7 pledged to work closely with global partners and urged against imposing unfair export bans on oil and related products. Japan’s Industry Minister, Ryohei Akazawa, cited by the International Energy Agency (IEA), mentioned preparations underway to ensure additional supplies from strategic oil reserves.

Japanese Finance Minister Satsuki Katayama warned that rising crude oil prices could impact foreign exchange markets, threaten livelihoods, and jeopardize economic stability. The recent escalation of conflict in West Asia, following a joint attack on Iran by the United States and Israel, has intensified tensions in the region. Iran's military blockade of the vital Strait of Hormuz crucial for global oil transportation has further disrupted supplies and driven up crude prices.