Macron Says Companies Aren’t Making Undue Profits on Iran War

French President Emmanuel Macron said that energy companies aren’t making undue profits as a result of the crisis in the Hormuz strait, even as he warned that European Union members could react if that changed.

“Today, there aren’t producers — whether in the financial sector or elsewhere — who are deliberately driving prices up,” Macron told reporters after a summit in Armenia, in response to a question about profits reported by France’s TotalEnergies SE. “We must not forget the root cause of all this. The cause is that today we have a bottleneck that is blocking our energy; our priority must be to reopen the strait to the world.”