G7 Announces Massive Oil Reserve Release Amid Price Pressures

Oil prices plummeted on Friday following an announcement from G7 members to release 100 million barrels of oil and diesel reserves over a four-month period.

The coordinated effort, led by the International Energy Agency (IEA), aims to ease supply concerns that have driven up fuel costs. President Donald Trump had previously pressed European Union leaders to tap their strategic diesel reserves or face a US ban on diesel exports.

Brent crude briefly dipped below $100 per barrel before stabilizing at around $102, while US oil prices fell by as much as five percent.

The Middle East's crude oil exports have largely returned to pre-war levels, but refineries damaged during the conflict continue to limit fuel supplies.