G7 agrees to release oil reserves as diesel prices surge

The Group of Seven agreed Friday to release oil and diesel from strategic reserves over four months, seeking to ease fuel prices that have climbed during the U.S.-Israel war with Iran. The plan calls for a substantial diesel release in the first 20 days.

NBC News reported that the release could total as much as 100 million barrels of diesel and crude oil. Al Jazeera’s account gave the figure as 100 barrels. Both reported that the release would run over four months and include an early diesel release.

The agreement followed a videoconference hosted by French President Emmanuel Macron. Shortly afterward, U.S. President Donald Trump posted on Truth Social that “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil.” He said the process would begin immediately.

The G7 said its plan included “a frontloaded substantial diesel release within the first 20 days by G7 members and partners,” according to Al Jazeera. The group includes Germany, France, Italy and the United Kingdom, while the European Union participates as an observer, Al Jazeera reported.

Fuel prices have risen since the United States and Israel attacked Iran on Feb. 28. Al Jazeera reported that restrictions on traffic through the Strait of Hormuz have contributed to the increase. Diesel prices rose again this summer after an escalation of the Russia-Ukraine war in July, according to NBC News.

The average U.S. diesel price has climbed 70% since late February to $6.37 a gallon, NBC News reported. Brent crude fell 3% in anticipation of Friday’s announcement but remained above $100 a barrel. It was still up more than 60% since the start of the year, according to NBC News.

Friday’s move follows a March decision by members of the International Energy Agency to release 400 million barrels of crude oil. That release partially eased supply problems, but prices continued to rise, NBC News reported.

The G7 agreement also followed days of pressure from the Trump administration on European allies, particularly Germany and France, where a large share of EU diesel reserves are held, according to NBC News. “American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage,” Treasury Secretary Scott Bessent wrote on X late Thursday.

Trump has also considered banning U.S. diesel exports, a step that would hit EU countries and the United Kingdom particularly hard, NBC News reported. The European Union rejected the prospect earlier Friday. It “fully rejects any ban on diesel,” the bloc said, according to NBC News. “A ban would not be beneficial to anyone,” a European Commission spokeswoman told reporters.