The G7 summit has commenced with world leaders gathering to discuss Russia’s ongoing war in Ukraine. Leaders from countries such as Italy, Germany, Britain, Japan, and Canada were seen in discussion with European Commission President Ursula von der Leyen. They are currently awaiting the arrivals of U.S. President Trump, Ukrainian President Zelenskyy, and French President Emmanuel Macron.

President Trump has indicated optimism about potential progress in resolving the conflict in Ukraine. Before the focus shifted to the war with Iran, the U.S. had been actively involved in seeking a resolution to the conflict, now over four years long. However, efforts have recently stalled, with President Zelenskyy urging Western nations to increase pressure on Russia and refocus on the Ukraine situation.

In a related development, energy markets witnessed a plunge in oil prices following a newly reached agreement between the U.S. and Iran to end fighting. This development has seen U.S. crude oil closing down 4.8% at $80.75 per barrel and Brent crude down 4.7% at $83.17 per barrel.

U.S. Vice President JD Vance has confirmed that, as part of the agreement with Iran, nuclear inspectors will return to Iran. The deal includes plans for the International Atomic Energy Agency and the U.S. to assist Iran in destroying its stockpile of highly enriched uranium. This agreement will be formally signed in Switzerland later this week.

Meanwhile, President Trump faces challenges at the G7 summit, where he will engage with European allies who have differing views on both the Iran and Ukraine wars. The summit, held in Evian-les-Bains, will likely focus on these significant international conflicts.