G7 Agrees to Release 100 Million Barrels of Emergency Oil and Fuel Reserves

Global energy markets fell after the Group of Seven and international partners agreed to release up to 100 million barrels of emergency crude and diesel reserves over four months. Brent crude dropped roughly $3 per barrel to slip below $100, European gasoil futures fell over 4%, and the diesel crack spread compressed from $76.77 to about $69 per barrel. Coordinated through the International Energy Agency to address a severe fuel crisis, the plan includes 50 million barrels of diesel from Europe and 50 million barrels of crude from other members, alongside pledges against export restrictions.