G7 finance chiefs meet in Paris

G7 finance ministers have convened in Paris for two days of emergency talks as the conflict in the Middle East continues to destabilize global markets.

The discussions are centered on mitigating a potential global recession triggered by soaring energy prices and supply chain disruptions.

U.S. Treasury Secretary Scott Bessent has used the summit to urge allies to increase sanctions on Iran, aiming to cut off the illicit finance fueling the war.

The ministers are also grappling with a global bond market rout as borrowing costs hit multi-year highs due to persistent inflationary pressures.