G7 Finance and Energy Ministers Meet as Oil Surges Past $112

The G7 convened an unprecedented joint videoconference of finance, energy, and central bank leaders.

French Finance Minister Lescure emphasized Asia's particular exposure to the turmoil.

Arise News

Oil benchmark Brent surged past $112 per barrel.

The International Energy Agency warned supply risks could last over a year.

Global air travel remained severely disrupted with major Middle Eastern hubs closed.

Aegean Airlines cancelled flights to multiple regional capitals.

BFM

Air Canada and Cathay Pacific implemented measures extending into summer.

El Al required passengers to reconfirm travel within eight days.

Cyprus announced a 200 million euro relief package including VAT cuts for electricity.

“Bloomberg — The French finance minister, Roland Lescure, said that at a meeting of G7 finance and energy officials this Monday there would be a review of the economic and financial impact of the war in Iran”

Bloomberg Línea

Poland reduced VAT on gasoline and diesel from 23% to 8%.

South Korea prepared a $17 billion emergency budget.

Polls in France revealed 90% feared negative impacts on purchasing power.

Iran attributed the economic disruption to the illegal and reckless war waged by the United States and Israel.

Iran could not control the global economy.

Cercle de l'Epargne

The crisis risked destabilizing the entire MENA region.

Iranian officials shifted blame onto US-Israeli actions.