The summit comes amid growing European concern about the repercussions of the conflict, with expectations that EU countries will push Washington to find a negotiated solution that limits the consequences of the war.
A crisis for everyone
German Defense Minister Boris Pistorius said in a sharp statement this morning: “This war is a disaster for the economies of the entire world. European countries were not consulted from the beginning, no one asked us, and this is not our war.”.
French Finance Minister Roland Lescure revealed that 30 to 40% of the refining capacity in the Gulf is out of service, and that 17% of gas production has been damaged according to Qatari estimates, explaining that repairing that damage may take about three years.
Even Italian Prime Minister Giorgia Meloni – known for her close ties to Washington – described what is happening as a “crisis that affects everyone,” warning that its continuation will lead to broader economic and social repercussions, especially for fragile states, primarily African countries.
Exit path
The G7 summit is being held with delegations from Saudi Arabia, Brazil, India, South Korea and Ukraine, at a time when Washington appears to be looking for a way out of the war, according to European officials.
The US-Israeli strikes and Tehran's response have destroyed large parts of the energy infrastructure in Iran and several Gulf states, leading to record highs in energy prices since the conflict erupted in late February.
The near-total closure of the Strait of Hormuz, through which a fifth of the world's oil and gas supplies pass, has choked off supplies, prompting European Union leaders to warn that the situation is extremely critical.
