G7 Agrees to Release 100 Million Barrels of Oil Amid Rising Fuel Prices

The G7 has agreed to release 100 million barrels of oil to combat rising fuel prices. The move follows a record-high price for diesel fuel in the United States, which averaged $6.37 per gallon on Friday.

President Donald Trump announced the action, stating that Europe had 'just agreed' to release a large amount of its diesel fuel and that the process would begin immediately. This comes as Trump faces pressure to address rising prices ahead of the midterm elections in November.

The G7's coordinated effort will be led by France, which is currently chairing the group. The International Energy Agency (IEA) will coordinate efforts to combat the sharp rise in fuel prices.