G7 leaders ‘vigilant' for energy impacts from Iran-Israel conflict
The leaders of the G7 are urging a resolution between Israel and Iran amid escalating rounds of strikes, saying they will 'remain vigilant' and respond if the conflict impacts international 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.
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.'
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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.
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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.
1:51
Middle East air travel disrupted as Israel-Iran conflict escalates
There is no appetite for closing the waterway, given that Iran would lose revenue and the U.S. wants lower oil prices and lower inflation, Hansen added.
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Despite the potential for disruption, there are signs oil supplies remain ample amid expectations of lower demand.
In its monthly oil report on Tuesday, the International Energy Agency revised its world oil demand estimate downwards by 20,000 barrels per day (bpd) from last month's forecast and increased the supply estimate by 200,000 bpd to 1.8 million bpd.
U.S. President Donald Trump spoke about the conflict before a meeting with Prime Minister Mark Carney, reiterating his comments that Iran should have made a nuclear deal with the U.S. early and said Tehran should 'talk immediately before it's too late.'
He then left the G7 late Monday, with the White House telling reporters he was leaving due to the escalating conflict in the Middle East but not elaborating further.
However, French President Emmanuel Macron told reporters Monday evening that discussions were underway on a ceasefire between Israel and Iran, though Trump denied that he was working on such a move.
He said Macron 'mistakenly said that I left the G7 Summit, in Canada, to go back to D.C. to work on a 'cease fire' between Israel and Iran. Wrong.'
Trump went on to say he was heading to Washington for something 'much bigger' that has nothing to do with a ceasefire.
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The president also, early Tuesday morning, said on Truth Social that he had not reached out to Iran for ''Peace Talks' in any way, shape, or form.'
— with files from Reuters and The Associated Press
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Russia wants to mediate in the Middle East. But it seems unprepared to help strategic ally Iran
Russia launched more than 400 drones at Ukraine in the early hours of Tuesday morning, a clear reminder of the country's ability to terrorize Ukrainian cities through the relatively cheap weapons it has been able to mass produce with the help of Iran. But now that Iran is being targeted by rounds of Israeli airstrikes, Moscow is willing to only go so far for a country it considers a strategic partner. Despite the fact that the two countries signed a co-operation pact (new window) in January, experts say since 2022, Moscow has refused to send the air defence systems and fighter jets that Tehran has been pleading for. There is some defence co-operation going on … but the kinds of capabilities that the Iranians really want from Russia, those that Iran would have needed to beef up their deterrence over the last year… Russia has not given, said Hanna Notte, director of the Eurasia nonproliferation program at the James Martin Center for Nonproliferation Studies. 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U.S. President Donald Trump, speaking to reporters on Air Force One as he returned ahead of schedule from the G7 summit in Canada, reiterated his position that Iran cannot be allowed to have nuclear weapons and took questions about the conflict. Russia and Iran are both heavily sanctioned countries united in their criticism of the West. But analysts say Moscow is reluctant to take a position that would damage its relations with other countries in the Middle East, including Israel and Turkey, and doesn't want to see a nuclear-armed Iran. Notte, who studies defence co-operation (new window) between Moscow and Tehran, says Russia has sent Iran some armoured vehicles, along with electronic warfare systems that can jam radio frequencies and disrupt GPS signals. She says while it has also launched satellites for Iran, she has found no reliable evidence of Russia sending any of its Su-35 fighter jets to Tehran, despite rumours that have circulated online. 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Canada's main stock index declined on Tuesday as the conflict between Iran and Israel entered its fifth day, prompting investors to shift toward safer assets amid concerns the situation could escalate into a wider regional crisis. On Monday evening, US President Donald Trump posted on his social media platform, urging, 'Everyone should immediately evacuate Tehran.' He also left the G7 summit in Canada ahead of schedule to address the unfolding Middle East crisis. US markets also saw a downturn as investors closely monitored the intensifying conflict between Israel and Iran. In an unexpected announcement, Prime Minister Mark Carney revealed that he and Trump had agreed to pursue a new economic and security agreement between their countries, aiming to finalize it within 30 days. The Canadian dollar traded for 73.19 cents US compared to 73.77 cents US on Monday. US crude futures traded US$3.33 higher at US$75.10 a barrel, and the Brent contract rose US$3.46 to US$76.69 a barrel. The price of gold was down US$12.88 to US$3,384.76. In world markets, the Nikkei was up 225.41 points to ¥38,536.74, the Hang Seng was down 80.69 points to HK$23,980.30 the FTSE was down 41.19 points to ₤8,834.03, and the DAX was down 264.47 points to €23,434.65. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
