French Minister Warns of New Oil Shock Amid Middle East Tensions
ISTANBUL — March 24, 2026
France’s economy minister has warned that rising tensions in the Middle East could trigger a “new oil shock,” which may impact the country’s economic growth if supply disruptions continue.
Energy Disruptions Affecting Global Markets
Roland Lescure told the National Assembly’s Finance Committee that interruptions in oil flows from Gulf countries are already affecting global markets.
“This situation constitutes a new oil shock,” he said, highlighting supply disruptions linked to the ongoing regional conflict.
Broader Economic Risks
Lescure cautioned that if the energy shock persists beyond a few weeks, the crisis could spread further and become systemic, affecting multiple sectors of the economy.
Context of Regional Escalation
The warnings come as tensions escalate in the Middle East. Since February 28, US and Israeli strikes in Iran have killed more than 1,300 people, including then-Supreme Leader Ali Khamenei. In retaliation, Iran has launched repeated drone and missile strikes targeting Israel and Gulf countries hosting US military forces.
The Strait of Hormuz, a key oil transit route, has faced disruptions since early March. Roughly 20 million barrels of oil normally pass through daily, and its limited access has pushed global oil prices higher.
Meanwhile, US President Donald Trump paused strikes on Iranian energy infrastructure on Monday, citing “very good and productive” talks with Tehran, which Iranian officials denied had taken place.
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