G7 Announces Strategic Oil Reserve Release Amid Global Supply Pressures

The G7 countries have announced a coordinated release of strategic oil reserves through the International Energy Agency (IEA) to ease global fuel supplies and stabilize energy markets.

The plan involves releasing about 100 million barrels of oil and diesel over four months, which is expected to increase supplies at a time when disruptions linked to the conflict in the Middle East have pushed crude and refined-fuel prices significantly higher.

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