French foreign minister warns US-Iran escalation would have severe consequences

French Foreign Minister Jean-Noël Barrot said that any new escalation between Iran and the United States would only produce losers and lead to higher oil prices.

Barrot added in remarks to the press after meeting with his counterparts from Saudi Arabia, the United Kingdom, Germany, Turkey, Egypt, and Pakistan in Istanbul: "Any further escalation between Iran and the United States will bring no gains and is likely to have extremely serious consequences for fuel prices."

Separately, US Ambassador to the United Nations Mike Waltz said earlier today that Washington is preparing for a prolonged standoff with Iran, as the deadlock could continue for another year without reaching an agreement on Iran's nuclear program or restoring shipping traffic in the Strait of Hormuz to previous levels, according to an interview with the Financial Times.

Waltz stressed that eliminating Iran's stockpile of highly enriched nuclear material is a strategic goal for the United States, noting that current plans focus on tightening economic sanctions to deprive the Iranian regime of critical financial resources.