G7 leaders ‘vigilant’ for energy impacts from Iran-Israel conflict – National

G7 leaders urge a resolution between Israel And Iran In the midst of climbing strike cycles, saying that they will “remain vigilant” and will respond if the conflict has an impact on the international energy markets.

“We will remain vigilant in the implications for international energy markets and we will remain ready to coordinate, including with partners sharing the same ideas, to protect market stability,” said a joint declaration by G7 leaders.

In the press release, the leaders said they said that Israel had the right to defend themselves and reiterated their support for the country, while stressing the importance of protecting civilians.

They added that they hope that a resolution could lead to a “broader de-escalation of hostilities in the Middle East, including a cease-fire in Gaza”.

“Iran is the main source of instability and regional terror,” says the joint declaration. “We have always been clear that Iran can never have a nuclear weapon.”

The joint declaration of G7 leaders came Monday evening after meetings in Kananaskis, Alta.

Oil prices were led above Tuesday as the conflict continued, although the main oil and gas infrastructure and flows were spared from a substantial impact.

Although there was no notable interruption of oil flows, Iran partially suspended the production of gas in the South Pars field which it shares with Qatar after an Israeli strike sparked a fire on Saturday.

Saxo Bank analyst Ole Hansen told Reuters that the market was largely worried about the disturbance in the Hormuz Strait, although the risk is low.

There is no appetite to close the navigable path, since Iran would lose income and that the United States want a drop in oil prices and a drop in inflation, Hansen added.

Despite the disturbance potential, there are signs that petroleum supplies remain wide among expectations of lower demand.

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In its monthly oil report on Tuesday, the International Energy Agency revised its global estimate of oil demand of 20,000 barrels per day (BPD) compared to forecasts last month and increased the estimate of the 200,000 BPD supply to 1.8 million B / D.

US President Donald Trump talked about the conflict before a meeting with the Prime Minister Mark CarneyReturning its comments according to which Iran should have concluded a nuclear agreement with the United States early and said that Tehran should “speak immediately before it is too late”.

He then left the G7 on Monday evening, with the White House telling the journalists he was leaving because of the climbing of the conflict in the Middle East but not developing further.

However, French President Emmanuel Macron told journalists on Monday evening that discussions were underway on a ceasefire between Israel and Iran, although Trump denied that he was working on such a decision.

He said that Macron “wrongly said that I had left the G7 summit in Canada to return to DC to work on a” cess “between Israel and Iran.

Trump continued saying that he went to Washington for something “much bigger” that has nothing to do with a cease-fire.

The president, early Tuesday morning, said on Truth Social that he had not contacted Iran for “the” peace talks “in any way, the form or the form”.

– with Reuters and Associated Press files

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