G7 Finance Ministers to Address Economic Impact of Strait of Hormuz Closure
Finance ministers from the Group of Seven (G7) developed economies are set to meet in Paris to discuss the economic repercussions of the ongoing conflict in the Middle East, particularly the closure of the Strait of Hormuz. Eurogroup President Kyriakos Pierrakakis emphasized the critical need to reopen the strait to mitigate economic impacts. The Eurogroup, which includes ministers from the euro area, is represented by Pierrakakis, who is also the Greek finance minister. The G7, comprising the U.S., U.K., Canada, France, Germany, Italy, and Japan, is concerned about rising inflation and energy supply disruptions due to the conflict. U.S. Treasury yields have spiked, with the 30-year bond yield reaching 5.121%, the highest since May 2025, as investors react to inflation data and anticipate interest rate policies under new Federal Reserve Chair Kevin Warsh. 
