French minister: “I don't want to pay single dollar” for Strait of Hormuz access

French Economy Minister Roland Lescure has rejected the possibility of Iran imposing fees for passage through the Strait of Hormuz, noting he does not want to pay a single dollar for it.

He said the crux of this conflict lies in the Strait of Hormuz, and they need it to remain open, but not at any cost, Caliber.Az reports, citing French media.

“Paris is prepared to release additional strategic oil reserves if necessary”, the minister added, amid ongoing discussions among G7 countries on measures to mitigate the economic impact of the conflict in the Middle East.

The Strait of Hormuz, through which roughly one-fifth of global oil and gas supplies pass, has effectively been blocked, already affecting global markets.

Lescure warned of rising inflation risks and a potential slowdown in economic growth.

“We must closely monitor the development of (economic) risks in the coming weeks,” he cautioned.

He also noted that in the event of a prolonged conflict, countries could once again tap into strategic oil reserves, as has been done previously under the framework of the International Energy Agency.

Lescure described the situation as “serious,” adding that authorities are closely tracking developments and hope negotiations will continue.

By Bakhtiyar Abbasov