G7 Agrees to Release Strategic Oil Reserves Amid Global Price Volatility

Global oil prices declined after the Group of Seven (G7) agreed to release strategic petroleum reserves. The G7 announced that they would jointly release 100 million barrels of diesel and crude oil over four months through the International Energy Agency (IEA). This move aims to stabilize global energy markets.

The agreement was influenced by US President Donald Trump's earlier pressure on Europe to release strategic reserves to stabilize diesel prices. The decline in oil prices, however, was limited by reports that Saudi Arabia is planning an offensive against Houthi rebels in Yemen, who are backed by Iran.