The Group of Seven has signaled it is committed to protecting the global energy supply as the Iran war continues to roil the oil trade and market.
In a statement on Saturday, the leaders of the G7 said they “stand ready to take necessary measures to support global supply of energy,” while also reaffirming the importance of reopening the Strait of Hormuz, which Iran has effectively closed.
“We condemn in the strongest terms the regime’s reckless attacks against civilians and civilian infrastructure, including energy infrastructure,” the statement said. “We call for the immediate and unconditional cessation of all attacks by the Iranian regime. We reaffirm the importance of safeguarding maritime routes, and safety of navigation, including in the Strait of Hormuz and all associated critical waterways, as well as the safety and security of supply chains and the stability of energy markets.”
The G7, a bloc of major economies, consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with representatives from the European Union.
All of the G7 countries have already pledged to help secure the strait, which would help with the current supply shortage.
But what such a coalition would include is less clear, especially as President Donald Trump has appeared to bow out of a potential defense coalition.
On Friday night, he seemingly reneged on an earlier vow to escort ships through Hormuz. Trump instead left it up to unspecified “other Nations who use it” to secure the key waterway, while the U.S. would only help “if asked.”
Trump’s announcement marked a major pivot, as his attempted coalition building appeared to draw little support.
BESSENT EASES OIL SANCTIONS ON IRAN AND ALLOWS SALE IN US
While security for the strait is in limbo, the U.S. has moved to address the energy crisis in other ways.
Also late Friday, the Treasury Department eased sanctions on Iranian oil and allowed its sale in the U.S. Treasury Secretary Scott Bessent described it as a “narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea.”