G7 ministers tackle economic fallout of Mideast war

PARIS, Mar 30 (AFP): G7 ministers and central bank officials gathered Monday to tackle the economic consequences of the war in the Middle East that has sent energy prices soaring and has triggered fears for the world economy.
The United States and Israel launched strikes on Iran in late February, and Tehran has hit back by targeting crude-exporting countries in the region and halting most shipments through the Gulf.
The squeeze on supply has pushed oil and natural gas prices higher, with drastic knock-on effects for supply chains in multiple industries.
French Finance Minister Roland Lescure said the G7 was convening finance ministers, energy ministers, and central bank officials, the first gathering in that format since the G7 was established in 1975.
"We know that what's happening now in the Gulf is having energy consequences, economic consequences, financial market consequences and potentially inflation consequences," he told reporters ahead of the meeting.
"The idea is to monitor developments, to exchange diagnoses especially on potential disruptions."
Representatives of the International Energy Agency (IEA), the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF) and the World Bank were present at the meeting held by video link.
The G7, an informal grouping of the United States, Canada, Britain, France, Germany, Italy and Japan, helps shape policy debates in the world's wealthiest nations.