President Macron to host G7 leaders call on Iran crisis, energy prices

French President Emmanuel Macron will convene a call with leaders of the Group of Seven on Wednesday to discuss the Iran crisis and rising energy prices, the French president's office said.

The talks come as G7 governments weigh how to respond to a sharp rise in oil prices triggered by the U.S.-Israeli war on Iran.

G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.

Benchmark oil prices surged to almost four-year highs on Monday but prices plummeted 11% on Tuesday after U.S. President Donald Trump predicted the war in the Middle East could end soon.

U.S. officials are also weighing steps to keep oil flowing through the Strait of Hormuz, including providing naval escorts for commercial vessels and backstopping war risk insurance for tankers, as Washington seeks to reassure shippers and prevent further disruption to global energy supplies.

The G7 comprises the United States, Canada, Japan, Italy, Britain, Germany and France.

France is the current G7 chair.

-David Ljunggren, Jarrett Renshaw and Dominique Patton/Reuters