Iran's actions risk 'global economic instability'

The G7 has warned that Iran's actions pose a significant risk to international trade and could destabilize the global economy. In a statement, the group highlighted Iran's support for Yemen's Houthis as exacerbating the conflict in West Asia and threatening regional and global energy security. The G7 expressed strong condemnation of the continued Houthi strikes in Yemen and against Saudi Arabia, urging the group to immediately cease all military actions, threats, and attacks against civilian shipping.

The group also called on Iran to end its arming and support of the Houthis, in violation of UN Security Council resolutions. Oil routes are facing further pressure due to the Houthi advance, with Saudi Aramco increasing exports through the Strait of Hormuz after disruptions to its East-West Pipeline. Oil prices remain above $100 a barrel, raising concerns about the potential economic fallout from a prolonged conflict in the region.