G7 Agrees to Release 100 Million Barrels of Oil in Effort to Ease Price Shock

The Group of Seven (G7) has agreed to release up to 100 million barrels of emergency oil and fuel stocks over four months in an effort to ease price shock caused by the US-Israeli war with Iran. This decision was made after weeks of pressure from Washington on European governments to unlock their diesel reserves.

The first phase of the release focuses on diesel, where shortages have been most acute, before broader releases of gasoline and crude oil follow. The G7 statement also includes a written commitment that partners will not impose export restrictions on energy products between one another.

The urgency behind this decision reflects conditions at home: US diesel inventories fell to a record low of 107.9 million barrels as of September 11, 2026. Diesel is the fuel of freight, farming, construction, and much of Europe's vehicle fleet, so shortages feed rapidly into the prices of goods across the economy.