Macron to host G7 leaders call on Iran crisis as oil volatility rattles global markets
French president convenes emergency talks amid fears over Strait of Hormuz shipping and energy security as G7 weighs coordinated response
PARIS — March 11, 2026 — French President Emmanuel Macron will convene a call with leaders of the Group of Seven (G7) nations on Wednesday to discuss the escalating crisis in Iran and surging energy prices, the French president’s office has announced, as major industrialised economies scramble to contain the fallout from the conflict .
The emergency talks, scheduled for approximately 3 p.m. Paris time, mark the first high-level discussion between G7 leaders since the United States and Israel launched military operations against Iran on February 28 . Macron will chair the meeting in his capacity as holder of the G7’s rotating presidency, which France currently occupies .
Global markets steady after oil price plunge as Middle East conflict fuels volatility.
“This will be the first discussion on these issues between G7 members. Economic coordination is a key issue for an effective and useful response to the situation,” the Elysee Palace said in a statement cited by Agence France-Presse .
Energy security at forefront
The talks come as G7 governments confront the most severe energy market disruption since Russia’s invasion of Ukraine in 2022. Benchmark Brent crude prices surged to nearly four-year highs above $119 per barrel on Monday, driven by fears that the conflict could disrupt shipments through the Strait of Hormuz, a critical chokepoint through which approximately 20 per cent of the world’s oil normally flows .
While prices retreated sharply on Tuesday—plunging 11 per cent after US President Donald Trump predicted the war could soon end—the extreme volatility has underscored the fragility of global energy supplies and the urgency of coordinated action among major economies .
G7 energy ministers stopped short of agreeing on a release of strategic oil reserves during talks on Tuesday, instead requesting that the International Energy Agency (IEA) assess the supply situation before any further steps are taken . The IEA, established in the aftermath of the 1973 oil crisis, coordinates emergency responses among member countries and requires them to hold oil stocks equivalent to at least 90 days of net imports .
French officials have signalled openness to a coordinated reserve release if conditions warrant. Macron previously discussed the possibility of G7 countries using their emergency oil stocks to counter any extreme rise in prices caused by the conflict . Industry minister Marc Ferracci told reporters earlier this week that such a measure could only be effective if implemented in a “coordinated” manner .
Strait of Hormuz threat
The immediate trigger for the emergency consultations is the threat to maritime traffic in the Strait of Hormuz, where Iran has blockaded the waterway and launched attacks on commercial vessels. According to analysts cited by Agence France-Presse, at least 10 vessels have been attacked in or near the strait since March 1, with commercial traffic plummeting by approximately 90 per cent .
Macron has proposed a “purely defensive” maritime mission to escort container ships and tankers through the strait, with the goal of gradually reopening the waterway “after the end of the hottest phase of the conflict” . The European Union has indicated readiness to bolster its maritime operations in the Middle East to protect shipping routes, following consultations with regional leaders .
US officials are weighing similar measures, including providing naval escorts for commercial vessels and backstopping war risk insurance for tankers, as Washington seeks to reassure shippers and prevent further disruption to global energy supplies . However, the White House clarified Tuesday that no US escort missions have yet taken place.
The Strait of Hormuz normally sees approximately 20 per cent of global oil consumption and a similar share of liquefied natural gas transit its waters daily. The effective blockade has already forced Gulf producers—including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait—to curtail output by an estimated 6.7 million barrels per day, representing a 6 per cent reduction in global supply.
Market volatility and economic concerns
The conflict’s impact on financial markets has been severe and unpredictable. After Monday’s spike to near four-year highs, oil prices experienced their sharpest one-day drop in years on Tuesday following Trump’s prediction of an imminent end to hostilities . By Wednesday morning, Brent crude was trading at approximately $87.80 per barrel, down from its peak but still significantly above pre-conflict levels .
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This volatility has complicated policy responses. G7 governments must balance the risk of overreacting to temporary price swings against the danger of being caught unprepared if the conflict escalates further. The decision to seek IEA assessment before committing to a reserve release reflects this cautious approach .
“Such a measure can only be effective if it is implemented in a coordinated manner,” Ferracci said, adding that France wanted “to be able to mobilise close coordination at G7 level to better manage energy issues” .
Nobel prize-winning economist Philippe Aghion sought to calm fears of a broader economic meltdown, telling RTL radio on Monday that while a slowdown was possible, the conflict was unlikely to trigger a collapse on the scale of the 2008 global financial crisis .
Previous G7 engagements
Wednesday’s leaders’ call follows a series of lower-level consultations among G7 members since the conflict began. Foreign ministers held a telephone meeting on March 1, during which US Secretary of State Marco Rubio provided an overview of the latest developments and the outlook for the future .
During that call, Japanese Foreign Minister Toshimitsu Motegi reiterated Tokyo’s position that Iran’s development of nuclear weapons “must never be allowed” and confirmed Japan’s support for US efforts to resolve the issue through dialogue . The ministers confirmed they would continue to coordinate closely .
G7 finance ministers have also been in contact regarding potential economic responses, including the possible release of strategic reserves coordinated through the IEA . The Financial Times reported earlier this week that three G7 countries, including the United States, had so far backed the idea .
French diplomatic role
Macron’s convening of the emergency talks reflects France’s longstanding engagement with Iran and its efforts to position itself as a potential mediator. The French president has previously sought to bridge differences between Washington and Tehran, including during the 2019 G7 summit in Biarritz, where he attempted to broker a meeting between Trump and then-Iranian President Hassan Rouhani .
Those efforts ultimately foundered amid mutual distrust and US insistence on maintaining maximum pressure on Tehran. France, along with other European signatories to the 2015 nuclear deal, has struggled to preserve elements of the agreement following the US withdrawal in 2018 .
The current crisis presents both challenges and opportunities for French diplomacy. Macron must balance solidarity with the United States and Israel—both G7 members or allies—against the need to preserve channels of communication with Tehran and prevent the conflict from spiralling into a wider regional war.
France is also seeking to put together a meeting of G7 energy ministers on the sidelines of a nuclear energy summit in Paris on Tuesday, though it remains unclear whether such a gathering will materialise .
Divergent views within G7
While G7 members share common concerns about energy security and regional stability, differences in approach have emerged. European nations have emphasised diplomatic solutions and the need to avoid further escalation, while the United States has focused on military deterrence and maintaining maximum pressure on Tehran.
Trump’s prediction that the war could end soon—which helped trigger Tuesday’s oil price plunge—appeared aimed at calming markets, but it also highlighted the disconnect between Washington’s messaging and the reality of ongoing military operations. US officials have subsequently clarified that no immediate end to hostilities is anticipated .
Japan, which relies heavily on Middle Eastern oil imports, has been particularly vocal about the need for coordinated action. Prime Minister Sanae Takaichi’s government has instructed domestic oil reserve bases to prepare for possible releases, though no final decision has been taken . Japan’s strategic reserves, equivalent to approximately 254 days of domestic consumption, are among the world’s largest .
The European Commission has sought to calm fears of an imminent supply crunch, with spokeswoman Anna-Kaisa Itkonen emphasising that “there is no imminent oil supply shortage in Europe” and that all member states maintain the required 90 days of emergency stocks .
Broader implications
The crisis comes at a delicate moment for the global economy, which has been grappling with persistent inflation, elevated interest rates, and sluggish growth in major economies. A prolonged disruption to oil supplies from the Gulf could reignite inflationary pressures, force central banks to maintain tighter monetary policies, and tip vulnerable economies into recession.
Analysts estimate that a coordinated release of strategic reserves by IEA members could offset approximately two to three weeks of normal Strait of Hormuz flows, providing a temporary buffer while longer-term solutions are pursued . However, such measures would not address the underlying geopolitical tensions driving the conflict.
“If the Strait of Hormuz remains closed for an extended period, we are looking at a fundamentally different energy landscape,” said one European diplomat, speaking on condition of anonymity. “Strategic reserves can bridge a gap, but they cannot replace the world’s most important energy artery indefinitely.”
President Macron’s convening of G7 leaders marks a critical juncture in the international response to the Iran crisis, elevating discussions from the ministerial level to the highest political echelons. With oil markets in turmoil, commercial shipping effectively halted through the Strait of Hormuz, and no clear end to hostilities in sight, the world’s major industrialised economies face mounting pressure to demonstrate unity and deliver concrete responses.
The decision to seek IEA assessment before committing to a reserve release reflects the complexity of the situation: G7 members must calibrate their response carefully, avoiding overreaction while preparing for worst-case scenarios. Wednesday’s leaders’ call will test whether the group can bridge its internal differences and present a coherent front in the face of one of the most serious geopolitical crises since Russia’s invasion of Ukraine.
As the conflict enters its second week with no resolution in sight, the focus now shifts to whether Macron’s initiative can translate into meaningful action—and whether the G7’s coordinated response will be sufficient to stabilise markets and prevent further deterioration of the global economic outlook.
With inputs from
Reuters: Macron to host G7 leaders call on Iran crisis, energy prices
AFP via The Jakarta Post: Macron to host G7 leaders call on Iran crisis, energy prices
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