G7 Agrees to Release 100 Million Barrels of Oil Amid Record-High Prices

The G7 nations have agreed to release 100 million barrels of oil and fuel products in the coming weeks, starting with 'substantial' amounts of diesel after recent record-high prices in the United States.

President Donald Trump announced the plan on social media, echoing a promise by the G7 to start releasing oil 'immediately' within the next 20 days, with the rest released over four months.

The move comes as gas prices in the U.S. and abroad have soared during the ongoing Iran war, with the national average for a gallon of diesel in the U.S. reaching $6.37 on Friday, after hitting a record $6.52 on September 22.