G7 divided over Iran, sets Horn of Hormuz caveat

G7 foreign ministers met at Abbaye des Vaux‑de‑Cernay outside Paris on March 26–27, 2026, joined by U.S. Secretary of State Marco Rubio, France’s Jean‑Noël Barrot, Germany’s Johann Wadephul, Britain’s Yvette Cooper, Canada’s Anita Anand and EU High Representative Kaja Kallas. (canada.ca) U.S. officials led by Secretary Rubio pressed allies during the talks to provide operational support to reopen the Strait of Hormuz and “step up” naval backing for escorts, according to U.S. statements and reporting from the meeting. (upi.com) European ministers, notably France and Germany, pushed for a diplomatic and phased approach and extracted language tying any joint security operation to an end to active hostilities, a condition reflected in coverage and the joint communiqués. (euronews.com) Brent crude climbed sharply around the G7 meeting, trading near $112–113 per barrel on March 27 after weeks of disruption to Hormuz transits, pushing global benchmarks up roughly 45% month‑to‑date. (tradingeconomics.com) Maritime insurers and markets have already priced the risk: Bloomberg reported war‑risk cover has jumped to roughly 5% of a vessel’s value—about $5 million to insure a $100 million tanker—while Lloyd’s says cover remains available but at much higher premiums. (bloomberg.com) The G7 joint statement emphasized minimizing economic shocks and restoring “safe and toll‑free freedom of navigation” consistent with UNSC Resolution 2817, but the ministers’ caveat that escorts or a security mission would follow a cessation of hostilities leaves shipping and insurance costs elevated until fighting pauses. (canada.ca)