Finance ministers of the Group of Seven (G7) have called for the reopening of the Strait of Hormuz, stressing that the key maritime route remains vital for global trade while also highlighting the need to address global current account imbalances.
In a joint statement, the ministers reaffirmed their commitment to multilateral cooperation to address risks facing the global economy.
Since 28 February 2026, the United States and Israel have been engaged in a conflict with Iran and its regional allies.
The hostilities began after US and Israeli forces launched airstrikes on Iran, targeting military and government facilities and killing several senior Iranian officials, including Supreme Leader Ali Khamenei.
The attacks were carried out unexpectedly while negotiations between Tehran and Washington over Iran’s nuclear programme were still underway.
In retaliation, Iran launched missile and drone strikes on Israel, US military bases and US-allied Arab countries in West Asia. Tehran also moved to close the Strait of Hormuz, disrupting global trade flows.
Since the war began, Iran has used the Strait of Hormuz as a strategic pressure point to heighten global concern.
Meanwhile, oil prices fell after Donald Trump announced that he had delayed a planned military strike on Iran to allow space for negotiations aimed at ending the conflict.
Global benchmark Brent crude dropped 1.5 per cent, with July futures (LCOc1) falling $1.73 to $110.37 per barrel as of 08:25 GMT. US West Texas Intermediate crude for June delivery (CLc1), which has expired, declined by 63 cents, or 0.60 per cent, to $108.03.
The more actively traded July contract (CLc2) also fell by 82 cents, or 0.8 per cent, to $103.56 per barrel.
