Joint statement by G7, ex. US: Expresses readiness to contribute to appropriate efforts safe passage through the Strait of Hormuz; will take other steps to stabilise energy markets, including working with certain producing nations to increase output

The G7 statement, excluding the US, signals a heightened commitment to ensuring safe passage through the Strait of Hormuz and stabilizing energy markets. This could lead to increased oil supply from participating nations, which may alleviate upward pressure on energy prices and provide support for commodities-sensitive currencies. Traders should watch for potential market reactions in oil and related assets, as well as any shifts in geopolitical risk perception.