French President Emmanuel Macron will convene a call with leaders of the Group of Seven on Wednesday to discuss the Iran crisis and rising energy prices, Macron's office said.

The talks come as G7 governments weigh how to respond to a sharp rise in oil prices triggered by the U.S.-Israeli military operation against Iran.

G7 energy ministers stopped short of agreeing to release strategic oil reserves on Tuesday and instead asked the International Energy Agency to assess the situation before acting.

Benchmark oil prices surged to almost four-year highs on Monday, but prices plummeted 11% on Tuesday after President Donald Trump predicted the conflict in the Middle East could end soon. U.S. officials are also weighing steps to keep oil flowing through the Strait of Hormuz, including providing naval escorts for commercial vessels and backstopping war risk insurance for tankers, as Washington seeks to reassure shippers and prevent further disruption to global energy supplies.

The G7 comprises the United States, Canada, Japan, Italy, Britain, Germany and France, which is the current G7 chair.