G7 Finance Leaders Unite to Tackle Energy Price Shocks

G7 finance ministers and central bank governors pledged readiness to counter economic risks amid Middle East conflicts affecting energy prices. France's Finance Minister Roland Lescure emphasized monitoring the situation, while the group plans strategic actions on oil supply and aiding Ukraine against potential economic impacts.

The Group of Seven finance ministers and central bank governors have committed to act decisively to mitigate economic challenges presented by ongoing conflicts in the Middle East, which are impacting global energy prices and supply chains, French Finance Minister Roland Lescure announced on Thursday.

Speaking during the International Monetary Fund and World Bank meetings, Lescure acknowledged the unpredictable economic outcomes contingent on conflict developments. The G7 had already supported the International Energy Agency's decision to release substantial oil reserves to counter supply disruptions from key Gulf producers.

Amid continued volatility, France, holding the G7 presidency, reinforced its commitment to monitor global economic risks and assist Ukraine amid its ongoing energy struggles. Discussions also highlighted strategic diversification from China for critical minerals to ensure stable supply chains.

(With inputs from agencies.)