Macron will chair a G7 leaders' teleconference to discuss the Iran crisis and energy price issues.

The French presidential office announced that President Macron will chair a phone conference of G7 leaders on Wednesday to discuss the Iran crisis and rising energy prices. G7 governments are weighing how to respond to the sharp increase in oil prices caused by the Iran conflict. G7 energy ministers failed to reach an agreement on releasing strategic oil reserves on Tuesday and instead requested the International Energy Agency to assess the situation before taking action. Benchmark oil prices surged to nearly four-year highs on Monday but fell 11% on Tuesday as U.S. President Trump predicted that the conflict in the Middle East could soon end.