G7 nations to release 100 million barrels of oil and diesel fuel to curb high prices

The G7 nations, comprising Canada, France, Germany, Italy, Japan, the U.K., and the U.S., along with EU representation, have decided to release 100 million barrels of oil and fuel products to tackle soaring prices. President Donald Trump announced on social media that the diesel release would occur "immediately," with 20-day and four-month timelines.

President Emmanuel Macron of France, currently holding the G7 presidency, made this announcement in a videoconference call attended by the G7 leaders. The release follows a similar action taken by the International Energy Agency member countries in March, which involved releasing 426 million barrels of oil and products. The fuel prices have risen due to the Russia-Ukraine war, which has disrupted oil exports and caused a surge in demand.

European diesel prices have hit record highs, with the national average in the U.S. reaching $6.37 per gallon. The G7 countries agreed not to limit energy exports to each other, despite some Republicans in the U.S. advocating for a ban on U.S. diesel exports.