Oil: Under Trump Pressure, G7 Releases 100 Million Barrels

G7 countries have decided to release up to 100 million barrels of crude oil and diesel over four months to address supply tensions, following a virtual meeting led by France. An initial significant release of diesel is scheduled within the next twenty days, with potential for increased volumes. This move was prompted by pressure from Donald Trump, who had threatened to ban US diesel exports to Europe but ultimately approved the agreement and ruled out export restrictions among G7 members. Leaders also committed to jointly restore freedom of navigation in the Strait of Hormuz, disrupted by regional tensions with Iran.