Emmanuel Macron announced on Friday that France would convene a G7 meeting dedicated to energy issues in the coming weeks, as fuel prices soar amid the conflict between the United States and Iran. The French president justified the move by pointing to the need to strengthen cooperation among major powers and avoid unnecessary tensions with the G7's main partners.
According to Macron, the meeting will also be an opportunity to consider options for a possible release or unlocking of strategic oil reserves, a step several G7 countries have already floated in an attempt to contain rising prices. The French leader said he wants to move forward on better coordination of stockpile levels, along with greater cooperation on exports and production capacity.
The price surge comes amid extreme tension around the Strait of Hormuz, through which more than a fifth of the world's oil trade passes. Repeated attacks on energy infrastructure and shipping in the region have pushed Brent crude above 100 dollars a barrel in recent days, triggering fuel shortages in several countries heavily dependent on supplies from the Gulf.
In France, the effects are already being felt on the ground: roughly 10 percent of the country's gas stations are experiencing supply problems for at least one type of fuel. Faced with the situation, Macron has demanded total mobilization from his government on fuel supply and pricing issues, a sign of how much concern the crisis is generating heading into winter.
The diplomatic push builds on a series of exchanges France has led since the conflict began, with Paris having already held consultations with its G7 partners over the Iran crisis and its energy fallout. It remains to be seen whether a coordinated release of strategic reserves will be enough to calm oil markets that have been under strain for months.
This account draws on reporting by Bloomberg and Al Jazeera.