French finance minister Roland Lescure informed reporters on Thursday that the Strait of Hormuz must be reopened “but not at any cost,” noting that G7 leaders are prepared to alleviate the economic consequences of conflict.
The war in the Middle East began following US-Israeli attacks on Iran on February 28, leading Tehran to effectively obstruct the Strait of Hormuz in response.
Energy costs have surged since then, with the strait serving as a crucial route for oil and gas transportation.
The conflict, support for Ukraine, and collaboration on essential minerals were major subjects addressed by the Group of Seven advanced economies during their initial in-person gathering this year, which took place in Washington.
“We must ensure that we grasp where the balance of risks is shifting in the coming weeks,” Lescure stated on Thursday.
"We will reconvene in a month in Paris, and we wish to ensure that we keep track of the situation and assess the impact," he stated.
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“We will take action if necessary, just as we did when we released inventories a few weeks ago,” he stated.
Lescure addressed the sidelines of the spring meetings of the International Monetary Fund and World Bank, gathering finance ministers, central bankers, and other leaders in the US capital this week.
The International Energy Agency, comprising G7 countries, released an unprecedented volume of oil from their strategic reserves last month to alleviate market instability.
Lescure noted that “the overall sentiment was gravity” among the G7 regarding the conflict.
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However, he remarked regarding the Strait of Hormuz blockage: “We want this to be reopened, but not at any cost.”
His remarks arise as French President Emmanuel Macron is holding discussions in Paris on Friday with UK Prime Minister Keir Starmer regarding navigation through the Strait of Hormuz once a ceasefire is established.
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“I refuse to pay US$1 to transit the Strait of Hormuz,” Lescure stated.
"We appreciate that negotiations appear to be continuing, and I hope they yield a favorable outcome," he stated.