G7 Announces 100 Million Barrel Oil Release Amid Global Energy Crisis

G7 leaders have agreed to release 100 million barrels of oil over four months to ease supply shortages and rising fuel prices caused by disruptions to global energy markets.

The move comes as the war between the United States and Iran has disrupted oil supplies and shipping through the Strait of Hormuz, a major route for global energy shipments.

The G7 said the emergency release will begin immediately and be coordinated through the International Energy Agency (IEA).