Finance ministers from 11 countries, including Britain, Japan and Australia, have warned that the war in the Middle East will cause major consequences for financial markets even if the crisis is resolved.
In a joint statement, they called for the protection of the civilian population and the security of the region.
They also call for "a swift and lasting solution" through negotiations, noting that hostilities, escalating conflict or continued disruption in the Strait of Hormuz would pose serious additional risks to global energy security, supply chains and economic and financial stability.
As stated in the statement issued by the British government, the 11 countries "commit to averting the crisis and call on all other countries to avoid protectionist tactics", such as unjustified export controls, stockpiling and the implementation of trade barriers to hydrocarbons and other supply chains affected by the crisis.
