G7 leaders “warned” Iran – the energy impact of the Israeli conflict – state
G7 leaders urged the determination between Israel and Iran to escalate during a strike, saying they would “stay alert” and respond as conflicts affect international energy markets.
“We will remain vigilant to impact the international energy market and be prepared to coordinate, including like-minded partners, to protect market stability,” a joint statement from the leaders of the G7 said.
Leaders said in a statement that they confirmed Israel’s right to defend itself and reaffirm their support for the country, while underlining the importance of protecting civilians.
They added that they hope a resolution will lead to “hostile operations in the Middle East, including a ceasefire in Gaza.”
“Iran is the main source of regional instability and terror,” the joint statement said. “We have always been aware that Iran will never have nuclear weapons.”
The joint statement of G7 leaders was Monday night after Alta's Kananaskis meeting.
As the conflict continued, oil prices were getting higher on Tuesday, although major oil and gas infrastructure and flows were no longer significantly affected.
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Despite no obvious oil flow disruption, gas production in southern Pars fields shared with Qatar after the Israeli strike was partially suspended by the fire on Saturday.
Sax Bank analyst Ole Hansen told Reuters that despite the low risk, the market is largely concerned about the damage caused through the Hormuz Strait.
Hansen added that there is no interest in closing the waterways given that Iran will lose revenue and the United States wants to lower oil prices and reduce inflation.
Despite the potential disruption, there are still signs that expectations for lower demand remain sufficient.
In Tuesday's monthly oil report, the IEA dropped its global oil demand estimate by 20,000 barrels (BPD) from its forecast last month and raised its supply estimate by 200,000 bpd to 1.8 million barrels.
U.S. President Donald Trump spoke about the conflict before meeting with Prime Minister Mark Carney, reiterating his comment that Iran should reach a nuclear deal with the United States as soon as possible and said Tehran should “talk immediately before it's too late.”
He then left the G7 late Monday, and the White House told reporters that there was no further elaboration as conflicts in the Middle East continued to escalate.
However, French President Emmanuel Macron told reporters Monday night that discussions were held on a ceasefire between Israel and Iran, despite Trump denied that he was taking such a move.
He said Macron “errorized that I left the G7 summit in Canada and returned to Washington, D.C. to hold a ceasefire between Israel and Iran.
Trump went on to say he was heading to Washington to seek “bigger” that had nothing to do with the ceasefire.
The president also said in the early hours of Tuesday that he said on truth socialization that he did not contact Iran in any way, form or form.
– Using Reuters and Associated Press documents
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