G7 ready to take ‘necessary measures’ over economic impact of Iran war

<p>Finance ministers monitoring situation but stop short of agreeing to release emergency oil reserves</p><ul><li><p><a href="https://www.theguardian.com/business/2026/mar/09/iran-war-drives-oil-price-above-100-a-barrel-for-first-time-since-2022">Iran war drives oil prices above $100 a barrel</a></p></li><li><p><a href="https://www.theguardian.com/business/live/2026/mar/09/stock-markets-plunge-oil-over-100-a-barrel-g7-emergency-oil-reserves-news-updates">Business live – latest updates</a></p></li></ul><p>The G7 said it was ready to take “necessary measures” to address the economic impact of the US-Israel war on Iran, after a meeting prompted by soaring oil prices, which rose <a href="https://www.theguardian.com/business/2026/mar/09/iran-war-drives-oil-price-above-100-a-barrel-for-first-time-since-2022">above $100 (£74) a barrel</a> for the first time since 2022.</p><p>Following a remote meeting on Monday, G7 finance ministers said they would closely monitor the situation but stopped short of agreeing to release emergency oil reserves.</p> <a href="https://www.theguardian.com/business/2026/mar/09/g7-release-emergency-reserves-oil-price-us-middle-east-war">Continue reading...</a>