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Energy prices around the world have surged after Iran closed the Strait of Hormuz in response to U.S.-Israeli attacks, forcing G7 and EU governments to coordinate measures to soften the economic hit. The United States, Canada, Japan, Britain, France, Germany and Italy were due to hold a teleconference on Monday, while EU energy ministers were set to discuss the issue on Tuesday.
The policy challenge is sharper for regions that rely heavily on imported fuel, including parts of Africa, where higher crude and refined-product costs can quickly feed into transport prices, food inflation and public budgets. Even though the article is not Africa-specific, the energy shock adds pressure to countries already managing limited fiscal room and volatile currency moves.
At the global level, the International Energy Agency agreed to release a record 400 million barrels of oil from strategic stockpiles, with all 32 member countries backing the move. The United States will contribute 172 million barrels and Canada 23.6 million barrels, marking the sixth coordinated stockpile release since the agency was created in the 1970s.
Germany decided not to subsidise prices directly, instead limiting volatility by allowing petrol stations to raise prices only once a day at midday while letting them cut prices at any time. Breaches can draw fines of up to 100,000 euros. France, by contrast, chose targeted support and announced more than 70 million euros in fuel subsidies for transport, farming and fishing in April, along with a 150 euro benefit for 3.8 million low-income households to help pay energy bills.
