G7 nations to hold emergency meeting on oil as stock markets sink
Global oil prices reached nearly $120 on Monday over fears of a prolonged disruption to energy supplies through the key Strait of Hormuz shipping route and the UK's FTSE 100 share index opened down 1.5%. Kenya breaking news | Kenya news today |..
✨ Key Highlights
G7 nations are convening an emergency meeting to address the economic fallout from the escalating US-Israeli war with Iran, which has sent oil prices soaring and stock markets plummeting.
- Oil prices surged above $100 a barrel, reaching nearly $120 on Monday.
- Finance ministers from leading industrialised countries, including UK Chancellor Rachel Reeves, will discuss the impact.
- A joint release of petroleum from reserves, coordinated by the International Energy Agency, is being considered to mitigate disruptions to supply through the vital Strait of Hormuz.
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Stock Markets Slump as Oil Prices Surge Over Strait of Hormuz Fears - March 2026
Global stock markets have significantly declined while oil prices surged above $100 a barrel due to escalating fears of supply disruptions through the Strait of Hormuz amid the ongoing US-Israeli conflict with Iran. Asian governments are moving to cap fuel prices in response to surging global oil costs, exacerbated by the US-Israel war with Iran. Bahrain's national oil company, Bapco Energies, has declared a force majeure on its operations following an Iranian drone attack on its refinery early Monday morning, resulting in civilian injuries while local demand remains secured. Meanwhile, G7 nations are convening an emergency meeting to address the economic fallout from the escalating conflict, which has sent oil prices soaring and stock markets plummeting.
