as oil and gas prices continue to soar. The United States and Israel launched strikes on Iran in late February and Tehran has hit back by targeting crude-exporting countries in the region and halting shipments through the Gulf. The squeeze on supply has pushed oil and natural gas prices higher, with drastic knock-on effects for supply chains in countless industries. French Finance Minister Roland Lescure said the G7 meeting, to be held via videoconference, would include energy and finance ministers as well as central bank chiefs and the heads of other international agencies. "There are already differences in the responses largely linked to differences in exposure to the crisis," Lescure told a news conference on Friday, stressing that Asia was particularly exposed to the turmoil. "That is one of the reasons why we wanted to convene a G7 of finance, energy and central banks," he said. He added that the idea was to exchange views on the impact on financial markets and the economy, later telling local media it was the first time in half a century the G7 had used this format. The G7, an informal grouping of the US, Canada, Britain, France, Germany, Italy and Japan, helps shape policy debates in the world's wealthiest nations. The United States has sought support from the group to help halt Iran's blockade of the Strait of Hormuz shipping route. After a meeting last week, G7 foreign ministers said it was an "absolute necessity" for Iran to re-establish free passage through the strait and called for an end to attacks on civilian infrastructure. (Bssnews)