G7 to release 100 million barrels of oil in bid to curb soaring prices

G7 nations have agreed to release up to 100 million barrels of diesel and crude oil reserves over the next four months in an attempt to address soaring fuel prices. The decision follows tensions between European leaders and US President Donald Trump, who is facing political pressure over rising energy costs triggered by the US-Israeli conflict with Iran.

At a video conference chaired by French President Emmanuel Macron, the G7 countries committed to releasing the reserves without imposing export restrictions, and called on all producers to refrain from doing so as well. The leaders also pledged to cooperate through the International Energy Agency (IEA) to facilitate the release of 100 million barrels, including a significant initial release of diesel within the first 20 days.

The announcement came after the G7 leaders discussed coordinating a response to the energy crisis, with the US stepping up pressure on Europe to release strategic reserves. European Commission spokeswoman Anna-Kaisa Itkonen warned that any diesel export ban would undermine trust in the US as a reliable partner.