Tensions spiked between Iran and the West after Iranian commandos seized a British-flagged oil tanker in the Gulf.
The global plan includes the 4,800 job cuts announced in May and will mostly be at factories overseas with low utilisation rates.
Brent crude futures were up USD 1.17, or 1.9 per cent, at USD 63.10 a barrel by 0505 GMT.
Oil prices are being pressured by ongoing worries about demand as the US-China trade war.
The 5 leaders noted that world economic growth appears to be stabilising and is generally projected to pick up moderately.
West Texas Intermediate crude was up 70 cents, or 1.2 per cent, at USD 58.13 a barrel.