G7 nations agree to release 100 million barrels of oil, including diesel, amid energy crunch

The release would begin immediately and take four months, starting with a "substantial" diesel release within the first 20 days. Diesel prices have soared globally due to the oil supply crunch brought on by fighting in the Middle East between the U.S. and Iran.

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French President Emmanuel Macron speaks following a video conference with G7 leaders in Paris, France, on Oct. 2. G7 leaders were holding talks to co-ordinate action on tackling high fuel prices, after Washington increased pressure on Europe to release its strategic reserves or face a U.S. diesel export ban. (Ludovic Marin via Reuters)

The G7 nations said they agreed to release 100 million barrels of oil, starting with "substantial" amounts of diesel, after the fuel recently hit record prices in the United States.

U.S. President Donald Trump — facing pressure to address surging prices ahead of November's midterm elections — also announced the action on Friday on social media.

"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump posted on Truth Social.

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