G7 Agrees to Release Up to 100 Million Barrels of Oil

The G7 group of advanced economies has agreed to release up to 100 million barrels of diesel and crude oil in an effort to curb soaring prices. This decision comes after a recent meeting, during which leaders from the bloc worked 'in a coordinated manner' to address the issue.

According to reports, the production of energy will be made more flexible, with strategic reserves being released within four months. UK Transport Minister Keir Mather stated that Britain's supply of diesel is 'robust' and 'resilient', citing a wide range of sources.

The move follows US President Donald Trump's suggestion to release diesel reserves from European countries, as he considered banning US exports of the fuel. However, it remains unclear how this decision will impact global markets or alleviate price pressures.