G7 to release 100 million barrels of oil and diesel, will it curb prices?

What the report says

The Group of Seven has agreed to coordinate the release of 100 million barrels of crude oil and diesel from emergency reserves over the coming months, in a move aimed at easing sharply higher fuel prices. Al Jazeera reported that the plan was announced after pressure from US President Donald Trump and follows a period of elevated energy costs linked to the war in Iran and the war in Ukraine.

According to the report, the G7 statement said the releases would begin immediately, last for four months, and include a substantial diesel release in the first 20 days. The group also said it would discuss whether more diesel should be released if needed, coordinate refinery maintenance schedules, and avoid export restrictions among members. The G7 includes the US, UK, Canada, Japan, Germany, Italy and France, with the European Union also represented.

The article said diesel prices have climbed to record highs, while crude prices briefly eased after the announcement before rising again. Analysts quoted by Al Jazeera said the move could help calm markets in the short term, but would not solve the underlying supply squeeze. The report framed the decision as a response to disrupted energy flows from the Middle East and Russia, and to political pressure in Washington over fuel costs.

Al Jazeera also noted that Trump had pressed Europe to use its reserves and had threatened a US export ban before later saying that option was off the table.