The French presidency announced that President Emmanuel Macron will convene a telephone conference with the leaders of the Group of Seven (G7) on Wednesday (March 11) to discuss the Iran crisis and rising energy prices.
Due to the US and Israel triggering oil price volatility by engaging in conflict with Iran, governments of G7 countries are considering response measures, with this meeting being held against this backdrop.
The G7 member countries include the US, Canada, Japan, Italy, the UK, Germany, and France. France currently holds the rotating presidency of the G7.
On Tuesday, G7 energy ministers failed to reach a consensus on releasing strategic oil reserves, instead requesting the International Energy Agency (IEA) to assess the situation before taking further action.
Benchmark oil prices surged to nearly a four-year high on Monday, but US President Trump’s prediction that the Middle East war could soon end caused oil prices to plummet by 11% on Tuesday.
To ensure the continuous passage of oil through the Strait of Hormuz, US officials are considering multiple measures, including naval escorts for commercial vessels and providing war risk insurance for oil tankers. Washington’s move aims to reassure shipping companies and prevent further disruptions to global energy supplies.
On Tuesday, US Energy Secretary Chris Wright mistakenly posted on social media that “oil tankers crossed the Strait of Hormuz under US Navy escort,” which was later urgently clarified by the White House as untrue. The post was deleted, causing a brief ripple in international oil prices.
The US Energy Information Administration (EIA) estimates that in the next two months, the price of Brent crude oil will remain above $95 per barrel, dropping below $80 per barrel in the third quarter of 2026, and falling to around $70 per barrel by the end of the year. Meanwhile, higher oil prices are expected to drive an increase in US crude oil production.
The EIA forecasts that US crude oil production will average 13.6 million barrels per day in 2026 and increase to 13.8 million barrels per day in 2027.