G7 nations will release 100 mil. barrels of oil and diesel fuel after prices soar

The Group of Seven industrial nations announced on Friday their plan to release 100 million barrels of oil and fuel products over the upcoming weeks, beginning with a significant quantity of diesel. President Donald Trump stated that the diesel release would occur "immediately," while the G7 statement pledged a "frontloaded substantial release" of diesel within the next 20 days.

The announcement comes as the president faces pressure to tackle the issue of surging fuel prices ahead of the upcoming midterm elections in November. Trump's approval ratings on the economy plummeted to a new low, according to an AP-NORC poll, as the ongoing Iran war and his trade disputes have driven up U.S. prices for oil and other commodities.

Gas prices in the U.S. and globally have skyrocketed during the eight-month-long war, a cost that Trump has repeatedly deemed necessary to prevent Iran from acquiring nuclear weapons. Currently, the national average for a gallon of diesel in the U.S. stands at $6.37, according to AAA, after reaching a record high on Friday.