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France backs emergency release of oil reserves as supply fears grow

Oil France G7 Roland Lescure IEA Iran Sanae Takaichi Japan Israel United States

The Strait of Hormuz, a vital oil shipping route between Iran and Oman, seen in a satellite image from February 2025. Around a fifth of the world’s oil passes through the narrow waterway. © AFP

France, which holds the G7 presidency, said Wednesday that major economies were ready to act to stabilise oil markets as the US-Israeli war with Iran enters its second week and disrupts supply.

Japan and Germany announced plans Wednesday to release strategic reserves, while the Paris-based International Energy Agency (IEA) has asked member countries to prepare a major emergency stock release.

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