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G7 Nations welcome US-Iran agreement, pledge support for implementation

G7 Nations

PARIS: The Group of Seven nations welcomed the announcement of an agreement between the United States and Iran, expressing support for its implementation and broader efforts to promote regional stability.

In a joint statement issued following the G7 summit, member countries said they support the U.S.-Iran agreement and stand ready to play a constructive role in ensuring its effective implementation.

The statement emphasized that unrestricted access through international maritime routes remains a cornerstone of global trade and economic stability.

The G7 countries also voiced support for an immediate and durable ceasefire in Lebanon and backed efforts by the Lebanese leadership to disarm the militant group Hezbollah.

In addition, the group pledged to reduce dependence on the Strait of Hormuz and strengthen strategic energy reserves to enhance global energy security.

The statement underscored the importance of maintaining a free and open Indo-Pacific region based on the rule of law and international norms.

The G7 comprises the United States, France, United Kingdom, Germany, Japan, Italy and Canada.

Global oil prices drop sharply amid hopes of US-Iran agreement

Global oil prices

Global oil prices fell significantly after prospects of a possible agreement between the United States and Iran raised hopes for easing tensions in the Middle East.

According to international media reports, oil prices dropped by more than 5% during early trading in Asian markets on Monday.

The price of Brent crude declined 5.1% to $98.22 per barrel, while US West Texas Intermediate (WTI) crude fell 5.2% to $91.57 per barrel.

Market analysts said the decline came amid expectations of a potential agreement between United States and Iran aimed at ending conflict in the Middle East, although US President Donald Trump downplayed the chances of an immediate breakthrough.

In a statement posted on social media on Sunday, Trump said he had instructed his representatives not to rush into any agreement.