Several European nations and Japan have pledged coordinated action to stabilise global energy markets, following a fresh wave of strikes on key Gulf energy facilities that sent oil and gas prices sharply higher amid the escalating United States–Israel war with Iran.
In a joint statement issued on Thursday, the leaders of Britain, France, Germany, Italy, the Netherlands and Japan expressed their “readiness to contribute to appropriate efforts to ensure safe passage through the [Hormuz] Strait.”
The statement did not outline specific measures, but called for “an immediate comprehensive moratorium on attacks on civilian infrastructure, including oil and gas installations”.
The International Energy Agency (IEA) last week authorised the largest coordinated release of strategic petroleum reserves in its history, in a bid to counter surging global energy prices.
“We will take other steps to stabilise energy markets, including working with certain producing nations to increase output,” the statement said.
Global markets have been under sustained pressure since the outbreak of hostilities on February 28, with Tehran launching strikes across the Gulf and effectively shutting down the Strait of Hormuz—a vital corridor through which roughly one-fifth of the world’s oil and gas supplies transit.
European leaders have, however, rejected calls from Donald Trump to deploy naval forces to safeguard shipping in the Gulf, declining to join a proposed military coalition aimed at securing the key chokepoint.
The joint statement was released ahead of a scheduled meeting at the White House between Trump and Sanae Takaichi, aimed at reinforcing longstanding economic and security ties between the United States and Japan.
Speaking before the meeting, US Treasury Secretary Scott Bessent said Japan— which sources approximately 95 percent of its crude oil from the Gulf—would have a strong interest in ensuring the security of its energy supplies.
Takaichi has pushed to expand Japan’s military role beyond the constraints of its post-war pacifist constitution. However, with the conflict in Iran proving unpopular domestically, she has so far stopped short of committing to any direct involvement in securing the Strait of Hormuz.
Addressing parliament on Monday, the Japanese leader said Tokyo had received no formal request from Washington, but was reviewing potential actions within constitutional limits.
Soaring Energy Prices
Major economies are scrambling to contain the fallout from surging energy prices, driven in large part by the effective closure of the Strait of Hormuz by Iranian forces.
Tensions escalated further on Wednesday when Iran struck the world’s largest liquefied natural gas facility at Ras Laffan Industrial City in Qatar, in retaliation for an Israeli attack on its South Pars gas field.
State-owned QatarEnergy reported “extensive damage” to infrastructure at Ras Laffan, which accounts for roughly 20 percent of global LNG supply and plays a critical role in balancing demand across Asian and European markets.
Chief executive Saad al-Kaabi said facilities responsible for about 17 percent of the company’s LNG exports had been hit, with repairs expected to take between three and five years.
Qatar’s Prime Minister, Mohammed bin Abdulrahman bin Jassim Al Thani, condemned the strikes, saying Iran’s claims of targeting US military bases were “unacceptable and unjustified”, pointing to the attack on Ras Laffan as evidence of direct strikes on critical global energy infrastructure.
Energy markets have reacted sharply, with prices surging and equities falling amid growing concerns over supply disruptions, inflationary pressures and the broader impact on global economic growth.
European gas prices rose by 25 percent, while Brent crude futures climbed nearly 6 percent to $113 per barrel by 13:00 GMT on Thursday, after briefly spiking by around 10 percent. Since the conflict began, European gas prices have surged by more than 60 percent.
James Meadway, co-director of the Verdant economic policy think tank, warned that the price increases are unlikely to be short-lived.
“In addition to the Strait of Hormuz being blocked, we now have a severe disruption to the basic production of oil and gas,” Meadway told Al Jazeera.
“At this point, this looks like it will be a significant rise in those prices stretching off into the distance.”
