Kathmandu. The Group of Seven (G7) has announced that it is ready to take measures to stabilize the global energy market amid the ongoing war in Iran.

The decision is said to be aimed at easing energy supply disruptions at the present time, while energy prices have skyrocketed due to the prolonged conflict and the Hormuz bandh.

In a statement issued after a virtual meeting of finance ministers, energy ministers and central bank governors, the G7 said the G7 would continue the sanctions imposed on Russia over the Russia-Ukraine war, Kyodo News reported.

The G7 group has pledged to maintain necessary coordination with international partners and urged not to impose unjust export restrictions on petroleum products.

Japan’s Industry Minister Ryosei Akazawa said the International Energy Agency (IEA) was preparing for additional supplies of strategic oil reserves.

Japan’s Finance Minister Satsuki Katayama warned by Kyodo News that rising oil prices could hit the foreign exchange market, endangering life and the economy.

Supply disruptions and crude prices have soared after Iranian forces blocked Hormuz, a key hub for global oil shipments, after the conflict in the Middle East escalated following the joint U.S. and Israeli attacks on Iran.