G7 warns on Iran oil
G7 foreign ministers condemned Iran’s recent attacks and pledged to “take all necessary measures” to protect oil supplies after Iranian actions effectively disrupted the Strait of Hormuz — the chokepoint handles about one‑third of seaborne oil. Markets are already reacting: Brent crude has breached €100/ barrel and the IEA called the situation a “major, major threat” to the global economy, with damage reported to 40+ energy assets across nine countries. (news.webindia123.com) (azernews.az) (euronews.com)
The G7 foreign ministers issued a joint statement dated March 21, 2026 that was signed by Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the EU High Representative. (canada.ca) That March 21 statement explicitly pointed to the International Energy Agency’s March 11 decision on emergency oil stocks as part of coordinated steps to stabilise markets. (canada.ca) On March 11 the IEA’s 32 member countries agreed to a record release of 400 million barrels from emergency reserves, the largest coordinated draw in the agency’s history. (iea.org) IEA Executive Director Fatih Birol, speaking at Australia’s National Press Club on March 23, said the current energy disruption exceeds the combined impact of the two major 1970s oil crises and the 2022 gas shock and urged that reopening the Strait of Hormuz is the “single most important” solution. (bloomberg.com) Shipping data showed at least 150 tankers—including crude and LNG carriers—had dropped anchor in open Gulf waters outside the Strait of Hormuz as commercial transits slowed, while major marine insurers moved to withdraw war‑risk cover for Gulf waters effective March 5. (gcaptain.com) (bloomberg.com) Freight pressure spiked: the daily VLCC (Very Large Crude Carrier) rate to China hit roughly $423,736 per day (a near‑doubling in a few sessions), and analysts reported global LNG flows have fallen by about 20% since the conflict began. (cnbc.com 1) (cnbc.com 2) Foreign ministers are slated to meet again under the French G7 presidency at the Abbey of Vaux‑de‑Cernay on March 26–27 to coordinate diplomatic and practical responses to the regional conflict. (esteri.it)
