Ministers from the G7 will hold talks to unpack the economic consequences of the war in the Middle East, the French government said, as oil and gas prices continue to soar.

The squeeze on supply has pushed oil and natural gas prices higher, with drastic knock-on effects for supply chains in countless industries.

French Finance Minister Roland Lescure said the G7 meeting, to be held via videoconference, would include energy and finance ministers as well as central bank chiefs and the heads of other international agencies.

“There are already differences in the responses largely linked to differences in exposure to the crisis,” Lescure told a news conference, stressing that Asia was particularly exposed to the turmoil.

“That is one of the reasons why we wanted to convene a G7 of finance, energy and central banks,” he said.

He added that the idea was to exchange views on the impact on financial markets and the economy, later telling local media it was the first time in half a century the G7 had used this format.