G7 talks as US pressures Europe over diesel stocks

G7 leaders convened on Friday to coordinate action on fuel prices amid increasing global tension, following the United States' pressure on Europe to release its strategic diesel reserves. The US, embroiled in a war with Iran, has seen energy prices surge, impacting American consumers and exacerbating fuel costs before the upcoming midterm elections.

France's President Emmanuel Macron convened a video call with G7 members to discuss joint action, while the European Union vehemently rejected the threat of a diesel export ban, asserting it would undermine trust and benefit no one. The International Energy Agency (IEA) acknowledged that about a third of the 400 million barrels of oil reserves they agreed to release in March was yet to enter the market, and further releases remained possible.

High diesel prices have become a major concern for the Republican Party leading up to the midterm elections, with the Trump administration reportedly seeking help from France and Germany to tap their diesel stockpiles.