US-Israel-Iran war: G7 says ready to take ‘necessary measures’ to support energy supplies as oil jumps to $120

In response to escalating tensions from the ongoing US-Israel conflict with Iran, the G7 nations have announced their readiness to implement necessary measures to safeguard global energy supplies. The conflict has significantly impacted oil markets, causing prices to surge near $120 per barrel, as fears grow over potential disruptions in the Middle East, particularly with the closure of the crucial Strait of Hormuz. This strategic waterway is vital for the transportation of oil, and any significant disruption could have far-reaching implications for global energy security. The G7's commitment comes as a reassurance to international markets, reflecting their concern over rising energy costs and the potential for economic instability. As the situation develops, the G7 aims to coordinate efforts to stabilize oil supplies and prevent further price escalations amidst heightened geopolitical tensions.