G7 to release 100 million barrels of oil in attempt to tame soaring fuel prices

Canada and its fellow G7 countries, including the United States, the United Kingdom, France, Germany, Italy, Japan, and the European Union, have reached an agreement to release 100 million barrels of oil and fuel products in the coming weeks. This pledge aims to address the soaring fuel prices caused by the ongoing wars in Iran and Ukraine.

The U.S. President, Donald Trump, announced this action on social media, while the G7 issued a joint statement later. Donald Trump highlighted that the diesel release will happen immediately, and the G7 emphasized a "front-loaded substantial release" of diesel within the next 20 days. Canada, being the only G7 nation without a strategic oil reserve, will cooperate by coordinating maintenance schedules for oil refineries to avoid simultaneous shutdowns.

Gas prices in the U.S. and abroad have significantly risen during the eight-month-long war. The G7 leaders have urged Iran to restore navigation in the Strait of Hormuz, a crucial waterway for energy and commodity exports. Despite Trump's call for U.S. diesel exports to be banned, the G7 reaffirmed their commitment to refraining from export restrictions on energy and energy products between G7 countries.