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The G7 coordinates emergency energy and financial discussions as the U.S.-Israel-Iran conflict pushes oil prices near $120 per barrel and intensifies fears over disruptions in the Strait of Hormuz. G7 leaders and the International Energy Agency signal readiness to release strategic oil reserves to stabilize markets and urge global institutions such as the International Monetary Fund and World Bank to support vulnerable economies facing rising energy and food costs. Meanwhile, Hungary secures €16.4 billion in previously frozen EU funding after Prime Minister Péter Magyar agrees to major anti-corruption and rule-of-law reforms with Ursula von der Leyen.
Saturday, 30 May, 2026