LONDON

The French government has launched a €70 million ($80 million) emergency support plan to protect key industries from a "price volatility crisis" triggered by the war in the Middle East.

The package targets the transport, farming, and fishing sectors, according to a statement.

Officials stated that the move is crucial to safeguard France’s "food sovereignty" and ensure the smooth operation of the national economy.

Small and medium-sized road transport firms will receive €50 million in aid, equivalent to a flat-rate payment of €0.20 per liter, under the measures.

Farmers will be exempt from taxes on agricultural diesel for the month. At the same time, the fishing industry has been allocated €5 million to offset fuel costs, which now account for 35% of their operating expenses.

The government said it is offering a "financial cushion" to struggling firms, including the deferral of social security and tax payments without penalties, alongside "Boost Fuels" loans of up to €50,000 for the smallest businesses.

These sector-specific measures are limited to the month of April 2026, it said.

For nearly a month, the US and Israel have carried out an air offensive against Iran, killing more than 1,340 people, including then-Supreme Leader Ali Khamenei.

Iran has retaliated with drone and missile strikes targeting Israel, as well as Jordan, Iraq and Gulf countries hosting US military assets, causing casualties and damaging infrastructure, while disrupting global markets and aviation.

The Strait of Hormuz has been effectively disrupted since early March. Around 20 million barrels of oil normally pass through it daily, and the disruption has driven up shipping costs and pushed global oil prices higher.