G7 finance ministers to meet amid warning of economic consequences of prolonged Strait of Hormuz closure

An aerial photograph shows the Greek-flagged crude oil tanker "Asahi Princess" off the coast of the Syrian Baniyas port refinery, along the Mediterranean Sea on on April 15, 2026. Bakr Alkasem | Afp | Ahead of a meeting of finance ministers from the Group of Seven developed economies in Paris on Monday, a senior European official says the situation in the Middle East has highlighted how exposed the interconnected global economy is to external shocks. "Opening the Strait of Hormuz and bringing the conflict to a lasting end are of the utmost importance in mitigating the impact on the economy," Eurogroup President Kyriakos Pierrakakis said in a statement . The Eurogroup is a body that brings together ministers from the euro area and is being represented at the G7 meeting by Pierrakakis, who is also the Greek finance minister. The G7's core members are the U.S., U.K., Canada, France, Germany, Italy and Japan. "The European economy has proven resilient in the face of this energy crisis. Yet, the global economy will feel the pressure – even if the conflict is resolved swiftly," Pierrakakis said. Long-term borrowing costs in several G7 economies have surged in recent weeks, as investors worry about rising inflation caused by tight energy supplies while the Iran war chokes off oil and gas supplies through the crucial Strait of Hormuz. U.S. …