TotalEnergies SE (NYSE:TTE) shares moved lower in Thursday’s premarket session as investors weighed the company’s response to volatile fuel markets triggered by escalating tensions in the Gulf and concerns over a prolonged disruption to shipping through the Strait of Hormuz.

The French energy major said it is introducing temporary pump-price caps across France to shield consumers from sharp swings in diesel and gasoline markets while geopolitical risks continue to ripple through global oil supply chains.

Exceptional Market Volatility

TotalEnergies said it is closely monitoring “highly volatile” oil markets following the start of the Gulf War, which has intensified tensions in global diesel markets.

France relies heavily on imported diesel, and supply remains closely tied to international prices. In response, the company reiterated its transparent pricing policy, stating it will continue passing through fluctuations in global diesel and gasoline prices “without delay,” whether prices rise or fall.

Temporary Fuel Price Caps Announced

To shield customers from the global oil shock, TotalEnergies announced a temporary cap on pump prices in France through the end of March.

The company will cap petrol prices at 1.99 euros per liter and diesel at 2.09 euros per liter. The diesel cap will immediately benefit customers at 1,830 stations across the company’s 3,300-station network in France.

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