G7 Oil Reserve Release Plan Slams Brakes on Crude Prices

Oil prices dropped sharply on Friday after G7 countries announced plans to release oil and diesel from their strategic reserves.

The coordinated effort aims to boost fuel supply and reduce pressure on prices, which have been driven up by global demand and the ongoing conflict in the Middle East.

Brent crude fell below $100 a barrel, while US oil prices dropped 5% over the session.

The G7 initiative involves releasing up to 100 million barrels of diesel and crude oil over four months, with the International Energy Agency set to coordinate the effort.