French President Emmanuel Macron met with US President Donald Trump in New York for the United Nations General Assembly, where they discussed the rising oil prices and its impact on the global economy. Macron proposed several initiatives to address the issue, including a resolution at the UN Security Council to guarantee freedom of navigation in the Strait of Hormuz. The strait is a critical waterway for oil shipments, with 20% of the world's crude oil passing through it.
The Strait of Hormuz has been a point of contention between Iran and the US, with Iran blocking the strait since the start of the war triggered by the US and Israel in February. Macron's proposal aims to find a way to allow more ships to pass through the strait without a comprehensive agreement. A diplomatic source said France wants to work with the US and its partners on a UN resolution that would enable some UN member states to participate in securing maritime traffic in the strait.
France is also willing to work on securing Saudi Arabian energy infrastructure, which has been targeted by Houthi rebels. The French initiative is strictly defensive and aims to protect critical infrastructure such as the port city of Yanbu and the East-West oil pipeline. The pipeline is a crucial export route for Saudi oil, and its shutdown has had a significant impact on the global oil market.
Macron also discussed the need for a "truce" in Ukraine with President Trump. The French president said he had a long conversation with Trump about the need to help Ukraine's energy system and the situation in the region. Macron also mentioned the possibility of a moratorium on strikes in the Black Sea. The Turkish government has submitted a protocol of understanding to Kiev and Moscow to halt attacks on commercial ships.
President Trump has stated that Russia has "lost control of its diesel industry" due to its war with Ukraine and called for an end to the conflict. The G7 has expressed concern about the impact of the conflict on trade and has offered support to the authorities in Yemen and Riyadh. The US has imposed sanctions on Iranian companies, which has led to criticism from China.
Macron's efforts aim to convince Trump to maintain support for Ukraine and increase pressure on Russia. The European Union wants to be involved in negotiations on a future security architecture for the European continent. Trump's envoys, Jared Kushner and Steve Witkoff, visited Kiev in September to revive US mediation in the conflict.
The global oil market has been impacted by the rising prices, with the Brent crude price falling below $100 per barrel in hopes of diplomatic improvements in the Middle East. Macron's initiatives aim to address the issue and stabilize the global energy market. The French president's efforts have been seen as a positive step towards finding a solution to the crisis.
Key points
- France proposes a UN resolution to guarantee freedom of navigation in the Strait of Hormuz.
- France offers to secure Saudi Arabian energy infrastructure.
- Macron and Trump discuss a "truce" in Ukraine to address energy concerns.
