G7 leaders remain ‘vigilant’ over energy fallout from Iran-Israel conflict
G7 leaders are calling for a resolution between Israel and Iran as strikes intensify, stating they will “remain vigilant” and take action if the conflict affects global energy markets.
“We will remain vigilant to the implications for international energy markets and stand ready to coordinate, including with like-minded partners, to safeguard market stability,” a joint statement from the G7 leaders reads, News.Az reports citing foreign media.
In the statement, the leaders said they affirm that Israel has a right to defend itself and reiterated their support for the country, while stressing the importance of protecting civilians.
They added they’re hopeful a resolution could lead to a “broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.”
“Iran is the principal source of regional instability and terror,” the joint statement reads. “We have been consistently clear that Iran can never have a nuclear weapon.”
The joint statement from G7 leaders came Monday evening following meetings in Kananaskis, Alta.
Oil prices were driven higher on Tuesday as the conflict continued, though major oil and gas infrastructure and flows had been spared from substantial impact.
Though there has been no noticeable interruption of oil flows, Iran partially suspended gas production at the South Pars field that it shares with Qatar following an Israeli strike started a fire on Saturday.
Saxo Bank analyst Ole Hansen told Reuters the market was largely worried about disruption through the Strait of Hormuz, though the risk was low.
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