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

DEVELOPING STORYDEVELOPING STORY, Macron says G7 will release 100 million barrels over four months; diesel release to be ‘frontloaded’Published On 2 Oct 20262 Oct 2026Members 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 US-Israel 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 United States President Donald Trump said in a post on his Truth Social a...