Tokyo [Japan], March 31 (ANI): The Group of Seven (G7) on Monday declared its readiness to take 'all necessary measures' to stabilise global energy markets amidst the ongoing war in Iran, the Kyodo News reported.

This decision follows significant disruptions to global energy supplies, with Brent crude oil prices spiking past $116-$120 per barrel due to fears of a prolonged conflict and the effective closure of the Strait of Hormuz.

As reported by Kyodo News, in a statement issued after a virtual meeting of finance ministers, energy ministers and central bank governors, the G7 reaffirmed its 'commitment to keep pressure' on Russia over sanctions tied to the Ukraine-Russia war.

The grouping, according to Kyodo News, also urged 'all countries to refrain from imposing unjustified export restrictions' on petroleum products, while pledging to 'coordinate closely' with international partners and 'remain prepared to meet as needed in response to further developments.'

Speaking in Tokyo after the talks, Japan's industry minister Ryosei Akazawa, as quoted by Kyodo News, told reporters that 'preparations' are underway for a possible additional coordinated release of strategic oil reserves being considered by the International Energy Agency (IEA).

Japanese Finance Minister Satsuki Katayama, as quoted by Kyodo News, warned that rising crude prices are 'affecting the foreign exchange market' and could threaten 'people's lives and the economy,' adding Tokyo is monitoring the situation with 'extremely high vigilance.'

The market turbulence follows the escalation of the West Asia conflict after US and Israeli strikes on Iran, with Iranian forces effectively blocking the Strait of Hormuz, a critical artery for global oil shipments, triggering supply disruptions and a surge in crude prices.

Earlier this month, the Paris-based IEA, which includes 32 member countries such as the G7 nations, initiated a coordinated release of over 400 million barrels of oil reserves, its first such move since 2022 following Russia's full-scale invasion of Ukraine.

According to the IEA, Japan contributed 79.8 million barrels to the release, the second-largest share after the United States, which supplied 172.2 million barrels.

Japan, which depends on the Middle East for more than 90 per cent of its crude imports, remains particularly vulnerable to the disruption.

The G7 meetings, chaired this year by France, were held on March 9 and 10, with ministers agreeing to 'stand ready' for further action as the situation evolves. (ANI)