France, March 12 -- Petrol will be capped at €1.99 per litre and diesel to €2.09 per litre, the company said.

The move comes after oil prices rose above $100 a barrel following Israeli and American air strikes on Iran on 28 February and Iranian retaliation that has left the region in chaos.

The International Energy Agency said on Wednesday that its member countries had agreed to release 400 million barrels of oil from strategic reserves, the largest coordinated release to date. But the move failed to calm markets as fears grew over disruptions to supplies.

"The group has been observing the highly fluctuating situation on the oil markets since the start of the conflict in the Persian Gulf," said TotalEnergies in a statement....