Macron Speaks to Trump as Iran War, Hormuz Crisis Send Oil Prices Higher; France Pushes G7 Response

France is seeking urgent coordination among G7 countries to address surging fuel prices and growing concerns over global oil supplies, with President Emmanuel Macron pushing for a videoconference of G7 leaders.

Macron spoke with US President Donald Trump overnight about the worsening global energy situation, according to a French diplomatic source. Their discussions centred on coordinated international efforts to contain rising fuel prices and maintain supplies of crude oil and refined petroleum products.

Macron also held talks with Canadian Prime Minister Mark Carney on the issue.

France pushes for G7-IEA coordination

France, which currently holds the G7 presidency, is working with the International Energy Agency (IEA) to convene the leaders’ videoconference “as soon as possible”.

The proposed meeting is expected to focus on measures to ease pressure on fuel prices and strengthen the availability of crude and refined products both within G7 countries and globally.

Paris is also coordinating with European partners. Macron has argued that G7 members have a common interest in responding collectively and avoiding export restrictions that could further tighten global supplies.

Hormuz disruption fuels supply concerns

Fuel prices have climbed sharply amid the conflict involving the US, Israel and Iran, disruptions to shipping through the Strait of Hormuz and continued geopolitical risks surrounding the Russia-Ukraine war.

Oil flows through Hormuz have dropped below 15% of prewar levels since US and Israeli strikes on Iran began in February 2026, according to the figures cited. The disruption has tightened supplies and pushed crude prices from around $65 a barrel to above $100.

The pressure has been compounded by shortages of refined products, particularly diesel. Ukrainian strikes on Russian refineries, Chinese restrictions on refined-fuel exports and refinery bottlenecks in other major markets have further constrained supplies.

Record fuel prices add to inflation pressure

The supply squeeze has pushed fuel prices to record levels in several countries. US diesel prices reached about $6.52 per gallon, while petrol climbed to around $4.43 per gallon. Diesel prices hit records in 47 states in late September, rising roughly 74-76% from a year earlier.

In the UK, diesel crossed £2 per litre for the first time, with the RAC putting the average at 200.01 pence per litre. Petrol stood at around 174.7 pence.

Higher energy costs have also fed into inflation. Eurozone inflation reached 3.8%, its highest level in three years, while energy prices rose 18.8% year-on-year. Fuel and gas costs were among the key contributors.

Poland recorded petrol prices of 8.19 zł per litre and diesel at 9.14 zł. In the Philippines, fuel-price protests prompted calls for prices to be reduced to 55 pesos per litre after the government declared a national energy emergency in March.

Germany’s inflation rate also climbed to around 3.3% year-on-year, with petrol prices contributing to the increase.

Households and businesses feel the impact

The rise in fuel costs is increasing expenses for transport, food and other essentials. US households spent an estimated $117 billion more on petrol and diesel between March and September 2026 than during the same period a year earlier.

The price shock has sparked protests, driver strikes and blockades in several countries, including Syria, Guatemala, Portugal, Indonesia, Spain, France and the Philippines.

Governments have introduced measures to limit the impact. Poland imposed a windfall tax aimed at reducing pump prices, while the European Union allocated €540 million to support farmers facing higher energy and fertiliser costs.

G7 meeting could shape next steps

The proposed G7-IEA talks could examine options such as coordinated supply measures and the release of strategic oil stocks to ease short-term market pressure.

The situation around the Strait of Hormuz will remain crucial. A prolonged disruption could keep crude and diesel prices elevated, while any easing of tensions could reduce supply concerns.

Russian refinery operations, Chinese refined-fuel export policies and refinery utilisation in Europe and the US will also remain important factors for global diesel availability and prices.