The G7 finance ministers and central bank governors convene virtually today to address the escalating economic chaos from the US-Israeli war against Iran. Trump's threat to seize Kharg Island, Iran's vital oil export hub, has intensified fears of further energy disruption. The conflict, sparked by a US drone strike killing Iran's leader, triggered retaliatory attacks on Gulf infrastructure and the Strait of Hormuz closure, spiking oil prices above $70 a barrel. European economies face brutal pressure: energy costs surge, jet fuel and diesel shortages loom, and Eurozone borrowing costs hit multiyear highs.

EU leaders plead for de-escalation, but escalation continues with Israeli strikes in Lebanon and Iranian attacks on Saudi Arabia, raising deep concerns about the conflict's unresolved trajectory.