Carney joins G7 virtual summit as Middle East crisis raises energy concerns
Latest news on WhatsApp أجدد الأخبار على واتسابPrime Minister Mark Carney joined a virtual G7 leaders’ meeting focused on the war in the Middle East, as concerns deepened over energy markets and the security of shipping routes through the Strait of Hormuz. Canada said the leaders discussed the security and economic implications of the crisis, including rising energy prices and the risk of wider regional escalation.
According to the Prime Minister’s Office, the leaders condemned Iran’s strikes on civilians and civilian infrastructure and stressed the need to prevent further escalation. They also underlined the importance of supporting regional partners, including Gulf states. Carney emphasized Canada’s support for efforts aimed at protecting international shipping and safeguarding freedom of navigation.
The G7 leaders also backed the International Energy Agency’s decision to make 400 million barrels from emergency reserves available to the market, in what the agency described as the largest coordinated release of its kind to address oil market disruptions linked to the Middle East war. The IEA said the move was approved unanimously by member countries and would be implemented according to each country’s national circumstances.
The development matters to Canada because any prolonged disruption to oil flows or shipping through Hormuz could quickly affect global prices, freight costs and fuel markets, even though Canada does not maintain public emergency oil stocks in the same way as many other IEA members. An IEA policy note says Canada, as a major net oil exporter, relies mainly on market functioning and potential demand restraint measures rather than government-held emergency reserves. That gives Ottawa’s role in this crisis a political and strategic dimension, with clear economic relevance for Canadian consumers and businesses.
