G7 Oil Reserve Release Sends Crude Prices Plummeting Amid Middle East Tensions

The price of crude oil and gasoline fell sharply on Friday after the G7 nations announced they would release up to 100 million barrels from their strategic reserves.

The International Energy Agency will coordinate the release over the next four months, which is expected to ease supply concerns.

Renewed Middle East tensions are supporting crude prices. Reuters reported that Saudi Arabia plans an offensive against Houthi militants in Yemen, which may disrupt oil supplies from the region.