Tokyo, March 31 -- The Group of Seven (G7) on Monday declared its readiness to take "all necessary measures" to stabilise global energy markets amidst the ongoing war in Iran, the Kyodo News reported.

This decision follows significant disruptions to global energy supplies, with Brent crude oil prices spiking past $116-$120 per barrel due to fears of a prolonged conflict and the effective closure of the Strait of Hormuz.

As reported by Kyodo News, in a statement issued after a virtual meeting of finance ministers, energy ministers and central bank governors, the G7 reaffirmed its "commitment to keep pressure" on Russia over sanctions tied to the Ukraine-Russia war.

The grouping, according to Kyodo News, also urged "all countries to refr...