G7 and EU will hold a call on the soaring prices of energy

Officials have confirmed that the G7 energy ministers are scheduled to discuss the rising energy prices due to the war with Iran on a phone call Tuesday. A group of leaders from the European Union will do the same later in the day.

Fears of Gulf production cuts and disruptions to tanker traffic pushed oil prices up to their highest level since mid-2022.

The G7 Finance Ministers stated on Monday that they are prepared to take "necessary steps" to combat the price surge, but did not commit to a coordinated release of emergency reserves.

Before the Iran crisis, European energy costs were typically higher than those in America. China. Ursula von der Leyen, the European Commission's chief, has pledged to present measures at an EU summit next Wednesday to address the issue.

The G7 phone call on Tuesday is scheduled to begin at 1245 GMT. The French Finance Minister Roland Lescure said that there are no current supply issues in Europe or the United States.

The G7 includes the United States, Canada Japan, Italy, Britain Germany and France. Italy, Germany and France are all EU members.

On a conference call in the evening, EU leaders will discuss competitiveness and energy prices with German Chancellor Friedrich Merz. Italian Prime Minister Giorgia?Meloni. Belgian Prime Minister Bart De?Wever, among others.

As the EU imports over 90% of its oil, and around 80% its gas, European countries are highly exposed to fluctuations of?global oil prices.

A document from the Commission, seen by, showed that EU commissioners discussed possible measures on Friday, including changes to energy taxes and amending EU carbon price, which is responsible for approximately?11% in industries' electricity costs. (Additional reporting and writing by Sudip K. Gupta, Jan Strupczewski and Kate Abnett. Editing by Jason Neely.)

(source: Reuters)