France Seeks G7 Support for Emergency Oil Reserve Releases Amid Middle East Tensions

France is seeking to coordinate a response from major economies after the recent Saudi pipeline attack that has pushed oil prices to nearly $110 a barrel. President Emmanuel Macron plans to convene a G7 summit to examine further releases of strategic oil and fuel reserves, as well as strengthen cooperation on stock levels, exports, and production capacity.

The move follows a week in which Brent crude climbed to nearly $110 a barrel before easing to around $104 on Friday. Macron says he will also contact the president of the European Commission to coordinate an EU-wide response on natural gas supplies, including higher storage levels.

Despite 320 million barrels being released by August from IEA-coordinated stocks, analysts warn that further releases may offer only short-term energy price relief and weaken future supply security. The region is exposed as it heads into winter with record-low gas storage levels, which typically cover about one-third of EU countries' winter demand.