G7 Agrees to Release Up to 100 Million Barrels of Crude Oil and Diesel

The Group of Seven nations has agreed to release up to 100 million barrels of crude oil and diesel from their strategic reserves in an effort to bring down prices.

The plan, announced on Friday, will begin immediately and continue over four months. The G7 leaders emphasized that there will be a 'substantial diesel release' within the first 20 days.

The decision comes after U.S. diesel prices surged to a record high of $6.52 per gallon in September, with an average price of $6.37 per gallon on Friday. This is up from $3.70 a year earlier.

Fuel prices have risen due to the eight-month-long war in Iran, which has disrupted oil flows through the Strait of Hormuz. Ukrainian drone attacks on Russian refineries have also contributed to the energy supply disruptions.