G7 Discusses Economic Fallout of Middle East War, Considers Ship Escorts
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March 12, 2026 (Saudi Arabia Breaking News) — Representatives of the Group of Seven held a video conference Wednesday to assess the economic impact of the war in the Middle East and disruptions to global shipping.
The meeting brought together officials from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, along with the European Union.
According to a statement issued after the meeting, the group is examining the possibility of escorting commercial vessels when security conditions permit, as the conflict with Iran continues to disrupt maritime routes and supply chains.
Any potential operation would involve consultations with shipping companies, carriers and insurance providers, the statement said.
The discussion comes as tensions intensify around the Strait of Hormuz, a critical route for global energy exports.
Two people familiar with U.S. intelligence said Iran has effectively shut the waterway, including by laying naval mines.
The G7 said it would also work to coordinate with Gulf countries on the broader economic impact of the conflict, including implications for food supply chains and agricultural markets.
The statement added that the situation underscores the importance of energy diversification and electrification to reduce dependence on geopolitically sensitive supply routes.
