G7 finance ministers pledge 'all necessary measures' for energy market stability amid Iran war

G7 finance ministers and central bankers convened in an emergency online meeting on March 30 in response to energy market volatility driven by the Iran war. Their joint statement pledged readiness to take 'all necessary measures' to safeguard energy market stability and limit broader economic spillovers. The G7 called on countries 'to refrain from imposing unjustified export restrictions on hydrocarbons and related products' — a message directed primarily at Iran's threats to disrupt Hormuz transit and at any oil-producing nation contemplating supply weaponisation. G7 central banks also reaffirmed commitment to price stability with data-dependent monetary policy. The statement reflects growing concern among the world's largest economies about the duration and economic spillover of the US-Israel-Iran conflict, particularly with energy prices elevated and Hormuz transit under threat.