France Flags Risk of Oil Crisis as Middle East Tensions Escalate

(MENAFN) France’s economy minister warned Tuesday that rising tensions in the Middle East could trigger a “new oil shock,” potentially affecting the country’s economic growth if disruptions continue, as stated by reports.

Roland Lescure told the National Assembly’s Finance Committee that interruptions in oil flows from Gulf nations to global markets are already producing tangible effects.

“This situation constitutes a new oil shock,” he said, referring to supply disruptions tied to the regional conflict.

He further cautioned about the broader economic impact: “And if this energy shock persists beyond a few weeks, the crisis could spread more widely to the economy, and ultimately be of a more systemic nature.”

The warnings come amid heightened tensions following US and Israeli strikes on Iran since Feb. 28, which have reportedly killed over 1,300 people, including then-Supreme Leader Ayatollah Ali Khamenei. Iran has responded with repeated drone and missile attacks targeting Israel and Gulf nations hosting US forces.

The Strait of Hormuz, a crucial oil transit route, has faced disruptions since early March, affecting roughly 20 million barrels of oil per day and driving global prices higher. US President Donald Trump paused strikes on Iranian energy infrastructure Monday, citing “very good and productive” talks with Tehran, which Iranian officials denied had occurred.

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