Updated

European Union leaders agreed on Friday to release diesel from strategic stockpiles, pulling oil prices down by as much as 5%, as surging diesel prices threatened to strain economies ahead of U.S. midterm elections. G7 nations are coordinating a similar response, with wars in Europe and the Middle East constraining fuel supplies and prompting crisis talks among EU officials. Officials warned that a potential U.S. export ban could further hurt Europe's economic outlook, adding urgency to the push to stabilize fuel markets. The coordinated release reflects mounting concern that energy costs could feed into broader inflation and political pressure across major economies.