Senior ministers from the Group of Seven countries held a virtual conference on Monday to assess the economic impact of the war in Iran amid soaring global energy prices.

One month on from the start of airstrikes by the United States and Israel, Iran's response has been to halt all shipping through the Strait of Hormuz, one of the most important routes on the planet for energy supplies.

The meeting was due to include other relevant stakeholders and parties, including heads of global banks and international agencies, as well as national finance and energy ministers.

French Finance Minister Roland Lescure said the Middle East crisis was being felt differently around the world, which is why so many people would be involved in the meeting.

"There are already differences in the responses largely linked to differences in exposure to the crisis," Lescure said, noting that Asia was feeling particularly vulnerable.

"That is one of the reasons why we wanted to convene a G7 of finance, energy and central banks," he said.

The meeting will be the fourth held by the G7 since the outbreak of the conflict, indicating the seriousness of the situation and the lack of progress so far.

The US has already sought backing from G7 nations in its bid to break the Strait of Hormuz deadlock. However, it has been heavily criticized for the lack of clarity about its aims in the conflict and for the uncertainty about when it is likely to end.

"We need an exit, not an escalation in this war," said Kaja Kallas, vice-president of the European Commission.

"And that means there has to be a diplomatic solution so that this region will come out of it stronger and actually more peaceful. Therefore, it can only be a diplomatic solution, sit down and negotiate to have a way out," she said.

'Wrong approach'

The United Kingdom's Chancellor of the Exchequer Rachel Reeves was expected to tell other G7 countries that, in the current climate, unilateral actions, such as the imposition of new trade barriers, were entirely the wrong approach and could exacerbate energy security difficulties.

According to a statement issued by the finance ministry, Reeves was going to tell the group that its members "should act together, not in ways that shift pressure onto partners or weaken collective resilience".

It is thought that so far, as many as 3,000 people may have been killed in Iran, and a further 1,000 in an overspill of the conflict into Lebanon.

Last week, G7 foreign ministers met and called for a halt to attacks on civilian infrastructure and said it was an "absolute necessity" for Iran to reestablish free passage through the Strait of Hormuz.

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