French Finance Minister Roland Lescure stated that the Strait of Hormuz needs to reopen, but not at any price, as G7 leaders prepare to mitigate the economic fallout from war.
The Middle East conflict erupted after US-Israeli strikes targeting Iran, prompting Tehran to block the Strait of Hormuz in retaliation.
Energy prices have soared since, with the strait being a key waterway for oil and gas transit.
The G7 leaders discussed the conflict, support for Ukraine, and cooperation on critical minerals at their meeting in Washington.
Lescure emphasized the need to monitor the situation and evaluate the impact, adding that the G7 is ready to act if necessary.
The International Energy Agency released a record amount of oil from their strategic reserves to ease market turbulence.
The G7 also vowed to support Ukraine ahead of next winter, following Russian attacks on its energy infrastructure.
