G7 Announces 100 Million Barrel Oil Release Amid Soaring Energy Prices

The G7 countries have announced a coordinated release of 100 million barrels of oil and diesel through the International Energy Agency (IEA) to ease supply pressures and curb soaring energy prices.

Oil prices fell sharply on Friday after the announcement, with Brent crude briefly dropping below $100 a barrel before recovering to around $102. US oil prices dropped by as much as 5%, reflecting expectations that additional supplies could ease pressure on the market.

The decision followed pressure from US President Donald Trump for European countries to draw on strategic diesel reserves. Washington had warned that the European Union could face restrictions on US diesel exports if it failed to take stronger measures to address the fuel shortage.