France’s finance minister: Middle East conflict sparks “oil shock”

The escalation of the conflict in the Middle East has triggered an “oil shock,” and the crisis could worsen further, French Minister of Economy and Finance Roland Lescure said during a hearing of the Economic Affairs Committee of the National Assembly (the lower house of parliament), which was broadcast on the Assembly’s website.

“If the energy shock persists for more than a few weeks, the crisis will spread more widely across the economy and take on a more systemic character,” he said.

According to the minister, “the situation has not reached that point yet.”

“The most effective and only way to end this crisis is to restore the flow of oil and gas through the Strait of Hormuz,” Lescure added.