Oil prices drop as G7 nations pledge to release diesel stocks; Saudis said planning attack on Houthis

The Group of Seven (G7) nations have agreed to release 100 million barrels of oil and fuel from emergency reserves in a historic emergency stock release, resulting in a significant drop in oil and diesel prices. The G7, which includes the United States, agreed to distribute the released oil and fuel over the next 20 days, with an initial front-loaded release of diesel.

This move comes as fuel prices in the US and globally have soared due to the eight-month conflict in Iran. The G7 reaffirmed its commitment to avoiding export restrictions on energy and energy products among member states.

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