Macron: G7 Sanctions on Russia Will Not Be Lifted Despite Oil Price Surge

French President Emmanuel Macron has confirmed that France will release part of its strategic petroleum reserves in response to the Middle East conflict, which is driving up crude oil prices and threatening global supplies.

The announcement came on Wednesday, March 11, following a G7 leaders' meeting focused on the crisis involving Iran. Macron stated that France would participate in these collective efforts, but would do so gradually.

He clarified that France's strategic reserves could supply up to 14.5 million barrels of oil, with their use being phased and significant stocks still remaining in the country.

The French President also asserted that the current energy crisis should not call into question the policy of sanctions against Moscow. He insisted that the blockade of the Strait of Hormuz and the sharp rise in oil prices "in no way justify lifting sanctions" imposed on Russia.

Furthermore, Macron warned against underestimating Iran's capabilities despite American and Israeli strikes. "Significant damage has already been inflicted on Iran's military ballistic potential, but Iran continues to attack several countries in the region, so its capabilities are not reduced to zero," he explained.

Macron placed responsibility for determining the next phase of military operations in the region on US President Donald Trump, calling on Washington to "clarify both its ultimate goals and the pace it wants to give to operations."

The situation in the Strait of Hormuz remains a primary source of concern for markets and the shipping industry. President Macron stated he had no evidence that Iran was using naval mines in this strategic zone. For him, however, this area remains extremely dangerous regardless. Conditions are not ripe for a return to normal life as the strait is now a "theater of military operations," he said.

Beyond oil, escalation has led to tensions in other key markets, particularly fertilizers, where international flows have been disrupted. This situation could directly impact farmers and food production.

Amid growing tensions, Macron finally called for an end to hostilities "as soon as possible," stating that any prolongation of the conflict could further exacerbate consequences for global economy and security.