Strait of Hormuz Blocked, G7: Ready to Respond to Economic Impact
G7 finance ministers stated they are prepared to address the economic impact of the Strait of Hormuz blockade and the Middle East war. French Finance Minister Roland Lescure emphasized the need to reopen the strait, but not at any cost. The G7 stressed the urgent need to limit the global economic damage caused by the Middle East conflict.
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- 📰 Published: April 17, 2026 at 09:45
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WASHINGTON — French Finance Minister Roland Lescure said today that the Strait of Hormuz must be reopened, "but not at any cost." He emphasized that leaders of the Group of Seven (G7) are prepared to respond to the economic impact of the war.
During the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, finance ministers and central bank governors discussed how to respond to the impact of the Middle East war, as well as support for Ukraine and cooperation on critical minerals.
G7 finance ministers stated today that the global economic damage caused by the Middle East war must be limited as soon as possible. The ministers reiterated the "urgent need to move towards lasting peace."
After the United States and Israel attacked Iran on February 28, Tehran immediately imposed a near-total blockade of the Strait of Hormuz in retaliation, causing energy prices to surge.
Lescure said the overall sentiment among G7 nations regarding the war is that the situation is "grave." Regarding the blockade of the Strait of Hormuz, he stated: "We need to keep the strait open, but not at any cost."
France holds the G7 presidency this year. Lescure said today: "We must grasp the dynamics of the risk balance in the coming weeks."
He added: "We will meet again in Paris in a month to closely monitor the situation and assess the impact."
Lescure emphasized: "If action is needed, just like releasing strategic oil reserves a few weeks ago, we will do so."
He added: "I don't want to spend another dollar to pass through the Strait of Hormuz."
He said: "Peace talks are ongoing, and we affirm this and hope for results from the talks." (Compiler: Ji Jin-ling) 1150417
During the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, finance ministers and central bank governors discussed how to respond to the impact of the Middle East war, as well as support for Ukraine and cooperation on critical minerals.
G7 finance ministers stated today that the global economic damage caused by the Middle East war must be limited as soon as possible. The ministers reiterated the "urgent need to move towards lasting peace."
After the United States and Israel attacked Iran on February 28, Tehran immediately imposed a near-total blockade of the Strait of Hormuz in retaliation, causing energy prices to surge.
Lescure said the overall sentiment among G7 nations regarding the war is that the situation is "grave." Regarding the blockade of the Strait of Hormuz, he stated: "We need to keep the strait open, but not at any cost."
France holds the G7 presidency this year. Lescure said today: "We must grasp the dynamics of the risk balance in the coming weeks."
He added: "We will meet again in Paris in a month to closely monitor the situation and assess the impact."
Lescure emphasized: "If action is needed, just like releasing strategic oil reserves a few weeks ago, we will do so."
He added: "I don't want to spend another dollar to pass through the Strait of Hormuz."
He said: "Peace talks are ongoing, and we affirm this and hope for results from the talks." (Compiler: Ji Jin-ling) 1150417