The Group of Seven (G7) nations have announced a coordinated release of up to 100 million barrels of strategic oil reserves to address escalating global energy prices. The move comes as the United States and Israel continue their war with Iran, which has led to significant disruptions in energy markets.

The release, coordinated through the International Energy Agency (IEA), will span the next four months. A key component of the plan includes a "frontloaded substantial diesel release within the first 20 days by G7 members and partners," according to a statement following a meeting chaired by French President Emmanuel Macron.

The G7, comprising major economies like Canada, the United States, France, Germany, Italy, and the United Kingdom, also indicated readiness to discuss further diesel releases if necessary. This announcement coincided with US President Donald Trump's statement on social media claiming Europe had agreed to release a "massive amount" of its diesel oil stockpiles.

High energy prices have been a direct consequence of the ongoing conflict with Iran, which began on February 28. The war has impacted shipping traffic, particularly through the Strait of Hormuz, a critical global trade route. The G7's action aims to stabilize markets and alleviate economic pressure on consumers and industries.

Trump has been actively pressuring European nations, including Germany and France, to tap into their diesel reserves. These calls have been met with some hesitation from European officials, partly due to the bloc's significant reliance on diesel imports. However, the G7's collective decision suggests a unified approach to mitigating the price surge.

Data from Eurostat's June 2026 figures indicate that EU countries and the United Kingdom collectively hold approximately 52 million tonnes of gas, oil, and diesel stocks. Of this, nearly 38 million tonnes are emergency reserves held by EU member states. EU regulations mandate that member states maintain emergency oil stocks equivalent to at least 90 days of net imports or 61 days of domestic consumption.

Previously, Trump had suggested the possibility of banning US diesel exports if European countries did not release their stockpiles. This threat was strongly rejected by the EU. The national average for a gallon of diesel in the United States stood at $6.37 on Friday, according to the American Automobile Association, having reached a record high of $6.52 in September.

The coordinated reserve release by the G7 represents a significant intervention in the global energy market, signaling a collective effort to manage the economic fallout from the protracted conflict with Iran and its impact on oil and diesel prices.