G7 Holds Emergency Energy Call As Oil Prices Near $200 Threshold

G7 energy and finance ministers, alongside central bankers and representatives from the IEA, IMF, and World Bank, are convening an emergency video call on Monday as the global oil crisis enters a critical phase.

Brent crude is now trading above $116 a barrel, up over 50% since the war began on 28 February.

The IEA has issued guidance urging governments to adopt remote working and expand public transport to ease fuel demand, with Australia already making public transit free in two states during April.

Energy industry insiders are warning oil could surge toward $200 if the Strait of Hormuz remains closed into the second quarter — a scenario that would trigger a stagflationary shock comparable to the 1973 oil embargo.