G7 leaders to hold emergency video summit tomorrow — Macron chairs — energy and economic consequences

The French presidency announced that G7 leaders will hold a video conference on Wednesday, March 11, starting at 14:00 GMT to discuss the economic consequences of the war in the Middle East — particularly the 'energy situation.' 'This will be the first discussion on these issues between G7 leaders. Economic coordination is a key issue for an effective and useful response to the situation,' the Elysee said. President Emmanuel Macron will chair the meeting as France holds the G7 presidency in 2026. The emergency G7 summit comes as: the IEA has convened 30 member states to consider releasing from 1.2 billion barrels of emergency reserves; Brent crude has surged on Hormuz closure and Gulf output cuts of 6.5M bbl/day; US gas prices are rising and creating domestic political pressure; and fears are growing that Iran may mine the Strait of Hormuz. The G7 meeting is expected to coordinate on: strategic petroleum reserve releases, economic sanctions on Iran, energy market stabilization messaging, and potentially coordinated naval posture in the Gulf. It is the first time G7 leaders have convened specifically on the Iran war's economic dimensions.