(FOX NEWS) — Reopening the Strait of Hormuz is imperative, G7 finance ministers said Tuesday, underscoring the economic stakes of disruption in one of the world’s most important energy corridors.
In a joint statement, the finance chiefs from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States said they remained committed to stable energy markets and urged countries to avoid arbitrary export restrictions.
Keeping Hormuz open and energy markets stable is a priority not only for the region, but for the broader global economy, the Group of Seven allies stressed as President Donald Trump pushes Iran toward peace and reopening the Strait of Hormuz.
G7 ministers said in a joint statement that it was “imperative” to ensure a return to free and safe transit through the Strait of Hormuz and ease strains on energy, food and fertilizer supply chains.
Trump said on Monday he had paused a planned attack against Iran after Tehran sent a peace proposal to Washington, and that there was now a “very good chance” of reaching a deal limiting Iran’s nuclear program.
But other G7 countries have expressed frustration that Washington and Israel launched strikes against Iran without considering the economic impact, and the foreseeable closure of the Strait of Hormuz, a vital waterway for energy markets.
Officials from three Gulf countries attended Tuesday’s meeting in Paris to discuss the crisis, and Lescure said that the IMF and the World Bank should do more to support the most vulnerable countries from the impact of the conflict, especially on food supplies.
