Global Powers Tackle Oil Shock and Aid Stalemates

Paris hosted a two‑day session where finance chiefs from the G‑7 and other nations met to address how the Iran conflict is jolting markets. They worried that higher oil prices could stall growth, spike inflation and trigger a worldwide slowdown. The IMF’s chief warned that when crude tops $100, markets react sharply. U. S. Treasury Secretary Scott Bessent pushed for united sanctions on Iran, urging allies to clamp down on illicit funding that supports the war. His call for solidarity was complicated by past U. S. criticism of European partners and lingering tariff disputes that stalled a U. S. –EU trade deal. French Finance Minister Roland Lescure noted the difficulty of consensus, especially on sanctions. The meeting also covered reopening the Strait of Hormuz, cutting China’s grip on critical minerals, backing Ukraine, and building new supply routes to avoid future monopolies. Delegates from Brazil, India, Kenya, South Korea and Ukraine joined the talks.The discussions are seen as a prelude to next month’s G‑7 leaders’ summit in Evian. Yet tensions over U. S. sanctions on Russia, possible tariff hikes on European cars and the expiry of some Russian‑crude exemptions threaten progress. In related news, Israel’s naval blockade of Gaza led to the seizure of 39 aid ships near the coast. International critics called the move a piracy act, while Israel defended it as enforcement of its blockade. Meanwhile, the WHO declared an emergency over Ebola in eastern Congo and Uganda, warning that the disease could spread to nearby countries. The outbreak has already claimed at least 80 lives. China’s agreement to buy $17 billion of U. S. beef and poultry each year by 2028 offers a glimmer for American farmers who have felt the impact of trade wars and supply chain shocks.