Oil Prices Plummet as G7 Leaders Meet to Ease Fuel Costs

US oil prices plummeted on Friday as G7 leaders convened to discuss ways to ease fuel costs. The West Texas Intermediate (WTI) benchmark dropped by 4% to $89.15 per barrel, with a slight dip of 5% earlier in the day. Brent crude, the international standard, also fell, down 2.6% at $99.63.

The sharp decline follows news that the EU will work with the International Energy Agency (IEA) to release additional stocks into global markets. This move is aimed at mitigating the impact of rising fuel costs on consumers and economies worldwide.