Following TotalEnergies CEO Patrick Pouyanné's stark warning of impending energy shortages, other French business leaders like LVMH's Bernard Arnault and Saint-Gobain's Benoit Bazin express growing alarm over the economic fallout from two months of US-Iran conflict and the Strait of Hormuz blockade. President Macron seeks to reassure, but concerns mount.
As the US-Iran war enters its third month, with the Strait of Hormuz blockade—cutting off 20% of global oil—persisting despite a ceasefire, French executives are increasingly vocal. Building on Pouyanné's April 24 Ifri conference remarks about an 'era of energy shortage' in two to three months, LVMH Chairman Bernard Arnault told shareholders on April 23: «The world is now in a fairly serious crisis in the Middle East».
Saint-Gobain CEO Benoit Bazin added: «The crisis is deep and it is spreading everywhere. It will weigh on the world economy». While effects on French sectors remain limited so far, the situation is not yet catastrophic.
President Emmanuel Macron, during a trip to Athens, downplayed risks: «I believe I can tell you at this stage that the situation is under control. Today, the situation does not lead us to envisage any shortage». Nevertheless, business leaders' worries are rising amid the blockade's continuation.
