G7 countries agree to release 100 million barrels of oil and diesel

The G7 countries announced on Friday that they will release 100 million barrels of oil and diesel from their emergency reserves. The G7 includes the US, UK, Canada, Japan, Germany, Italy, and France. Global fuel prices have risen sharply because of conflicts involving Iran and Russia's war on Ukraine. Disruptions in the Strait of Hormuz have also reduced oil supplies. The release will start with a large amount of diesel within 20 days, and the rest will follow over four months. US President Donald Trump had threatened to stop diesel exports to Europe, but he withdrew that threat as part of this agreement. The G7 countries also agreed not to restrict energy exports to each other.