"This will be the first discussion on these issues between G7 members. Economic coordination is a key issue for an effective and useful response to the situation," the Elysee said, AFP reported. The meeting will start at around 3 p.m. Paris time.

Macron will chair the meeting, as France holds the G7 presidency this year.

Macron has already spoken this week about the possibility of G7 countries using their emergency oil reserves to counter any extreme rise in oil prices caused by the US-Israeli war on Iran that started on Feb. 28.

G7 energy ministers stopped short of agreeing on a release of strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting, Reuters reported.

Benchmark oil prices surged to almost four-year highs on Monday but prices plummeted 11 percent on Tuesday after US President Donald Trump predicted the war in the Middle East could end soon.

US officials are also weighing steps to keep oil flowing through the Strait of Hormuz, including providing naval escorts for commercial vessels and backstopping war risk insurance for tankers, as Washington seeks to reassure shippers and prevent further disruption to global energy supplies.

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

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