French Finance Minister Roland Lescure stated that governments cannot authorize
a second release of strategic oil reserves to counter the crisis from the Iran
war until there is clear visibility on the conflict's duration and intensity.
While a coordinated International Energy Agency (IEA) release of 400 million
barrels in March temporarily lowered oil prices, those finite reserves are set
to run out in the coming weeks, and Brent crude has rebounded to $108 a barrel.
The global economy remains constrained by the closure of the critical Strait of
Hormuz, which has slowed growth and stoked stagflationary pressures. Lescure
revealed the war has already cost France at least €6 billion, driving Paris to
expand domestic crisis aid by €710 million while downgrading its 2026 economic
growth forecast to 0.9%.
