News Desk - Leaders of the Group of Seven (G-7) wealthy nations convened at Évian-les-Bains, a French lakeside resort, on Monday shortly after the United States and Iran announced they had reached a preliminary agreement to end their war in the Middle East. The summit, running June 15-17, will focus heavily on discussing next steps regarding Iran, alongside other critical global issues including the war in Ukraine, economic imbalances, and critical mineral sourcing.

The U.S-Iran peace deal, described by diplomats as a memorandum of understanding, commits Tehran to forgo the development or acquisition of nuclear weapons in exchange for helping reopen the Strait of Hormuz and the paced release of assets frozen overseas. President Trump announced Sunday that the deal has been reached, while Pakistan's Prime Minister Shehbaz Sharif, who played a key mediating role, confirmed that "both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon". The agreement comes after more than three months of stop-start negotiations and bouts of fighting that began in late February, roiling global energy markets.

The G7 summit will also address the war in Ukraine, tackling global economic imbalances, and sourcing critical minerals outside of China, which remains the dominant supplier. The gathering of leaders from Britain, Canada, France, Germany, Italy, Japan, the United States, and the European Union marks France's hosting of the 2026 summit in the Alpine spa resort town, as announced by President Emmanuel Macron in June 2025. The preliminary deal's announcement has already triggered dramatic global market responses, with oil prices plunging 4.77% to $80.83 per barrel and global stock markets surging as investors welcomed the end of the costly war.

The G7 leaders' meeting in France comes at a pivotal moment, with the U.S.-Iran peace deal potentially ending the 107-day conflict that strained global energy supplies and maritime security. The summit's focus on Iran's next steps demonstrates the alliance's commitment to ensuring the deal's implementation and stabilization of the Middle East, while addressing broader global challenges that will define international cooperation in the coming years.