France's energy situation not as dire as some others in Europe, Finance minister says

The energy situation in France is not as serious as in some other European countries amid a huge shortfall in oil and gas supply by the U.S.-Israeli war on Iran, French Finance minister Roland Lescure said on Wednesday.

"France is better prepared, it's less exposed than our European neighbors," Lescure told reporters after a cabinet meeting with President Emmanuel Macron.

Prices for energy, fertilizer and petrochemicals have soared due to Iran's effective closure of the Strait of Hormuz, costing the world as much as 20 million barrels of oil per day - about a fifth of global oil and gas supplies. The impact has rapidly rippled through economies and supply chains.

Shell CEO Wael Sawan said on Tuesday that energy shortages could hit Europe by next month.

-Reporting by Elizabeth Pineau, Sudip Kar-Gupta and Forrest Crellin; Writing by Makini Brice; Editing by Bart Meijer/Reuters