G7 Nations Unite to Release Emergency Oil Reserves Amid Price Crisis

The G7 nations have agreed to release 100 million barrels of diesel and crude oil from their strategic stockpiles over the next four months to help ease the crisis caused by record-high prices driven mainly by the war in Iran.

This plan, coordinated by the International Energy Agency (IEA), aims to make a 'substantial' release of diesel within 20 days. The decision comes amid threats from US President Donald Trump to impose an export ban on American diesel, which has drawn opposition from both US oil companies and European leaders.

Retail diesel prices have soared to nearly $6.50 a gallon in recent weeks, putting pressure on Trump and Republicans to find ways to lower prices before the midterm elections in November. The G7 nations say this release will 'stabilise immediate energy supplies' and curb price spikes.