G7 Agrees to Release 100 Million Barrels as Hormuz Conflict Surges Energy Prices

Global energy prices continue surging amid transit disruptions in the Strait of Hormuz and restricted refinery output, prompting the G7 to agree to an emergency release of 100 million barrels of oil reserves. U.S. crude futures settled near $91.57 per barrel and Brent crude traded near $104 per barrel, with U.S. regular gasoline reaching $4.37 per gallon and diesel climbing to $6.32 per gallon. Escalating Middle East conflict and a commercial tanker hit in the waterway compounded supply concerns, alongside Ukrainian strikes targeting Russian refineries and refinery closures in California.