G7 announces oil reserve release, as Trump hails Europe diesel deal

DEVELOPING STORY, Macron says G7 will release 100 million barrels over four months; diesel release to be ‘frontloaded’.Members of the Group of Seven (G7) have announced they will release up to 100 million barrels of strategic oil reserves as prices continue to soar amid the United States-Israeli war with Iran.In a statement following a meeting chaired by French President Emmanuel Macron, the group said the release would be coordinated through the International Energy Agency (IEA) over the next four months. It added the release will include “a frontloaded substantial diesel release within the first 20 days by G7 members and partners”.Recommended Stories list of 3 itemslist 1 of 3US Fed raises interest rates for first time in three yearslist 2 of 3Trump approval rating hits career low of 32% amid Iran war, high costslist 3 of 3Is Iran losing its leverage over the Strait of Hormuz?end of listThe group said it will “convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary”.The announcement came just moments after US President Donald Trump said in a post on his Truth Social account that Europe had “just agreed to release a massive amount of their heavily stocked Diesel Oil”.The G7, composed of the world’s top economies, includes Canada and the US as well as several European powers, including France, Germany, Italy and the United Kingdom. The European Union is also an observer member of the grouping.Trump has recently pressured European countries, notably Germany and France, to release diesel stockpiles to ease soaring prices caused by constrictions on shipping traffic in the Strait of Hormuz, which many European officials have met with wariness.High global energy prices have been a knock-on effect of the war with Iran, which Trump launched alongside Israel on February 28.According to Eurostat’s June 2026 data, EU countries, along with the United Kingdom, hold about 52 million tonnes of gas, oil and diesel stocks. That includes nearly 38 million tonnes of emergency reserves held by EU countries.