G7 Energy Ministers Convene Amid Soaring Prices and Middle East Tensions
G7 energy ministers will meet on Tuesday to discuss soaring energy prices due to the ongoing conflict in Iran. Oil prices surged to $119 a barrel on Monday, their highest levels in almost four years, driven by fears of Gulf output cuts and disrupted exports.
The European Union is also set to discuss the issue, with EU leaders meeting later in the day to address competitiveness, including energy prices. The conflict has raised concerns about a repeat of the 2022 energy crisis, which saw prices surge to record peaks after Russia invaded Ukraine.
European Commission chief Ursula von der Leyen is expected to propose measures to tackle the issue at an upcoming EU summit. She noted that Europe's dependence on expensive and volatile imports makes it vulnerable to price fluctuations.