G7 Unleashes 100M Barrel Oil Release Amid Strait of Hormuz Tensions

G7 countries have agreed to release up to 100 million barrels of crude oil and diesel from their strategic reserves over four months in an effort to ease global pressure on supplies and prices.

This move follows US President Donald Trump's announcement that Europe would immediately release a 'massive' quantity of diesel from its reserves, according to French President Emmanuel Macron.

The G7 countries aim to stabilize immediate energy supplies and shield households and businesses from price shocks. They have also agreed to keep diesel exports flowing within the group, with Macron saying they would impose 'no ban' on those shipments.