Updated

G7 nations agreed to release 100 million barrels of oil and diesel reserves in response to soaring global energy prices, driven largely by the US and Israel's ongoing war against Iran as well as Russia's war in Ukraine. The move came after G7 leaders bowed to pressure from President Trump, who pushed against a stricter diesel ban that could have further squeezed supply. Crude oil prices eased following the announcement, though analysts remain divided on whether the release will meaningfully curb prices given continued instability around the Strait of Hormuz and broader regional conflict.