G7 nations agree to release 100 million barrels of oil amid energy crunch
G7 oil release aims to ease rising fuel prices as diesel hits record highs See how 100 million barrels could cool markets and ease pressure at the pump
G7 countries have agreed to release 100 million barrels of oil, with the first phase focused on a substantial amount of diesel, as fuel prices continue to rise globally.
The release is expected to begin immediately and continue over four months. The move comes after diesel prices reached record levels in the United States and increased sharply in other markets, including Canada.
U.S. President Donald Trump said the action followed discussions with French President Emmanuel Macron and other G7 leaders. The announcement comes as the war between Israel and Iran continues to affect global energy supplies and pressure fuel markets.