G-7 to Tap Oil Reserves After US Pressure

Leaders of the G-7 have agreed to tap their emergency reserves, sending 100 million barrels of crude and refined fuels into the market over the next four months in a bid to ease high diesel and fuel costs, reports the Wall Street Journal. France's Emmanuel Macron announced the move, as did President Trump on Truth Social. "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil," wrote Trump. "The process will begin immediately."

The move follows days of pressure from the Trump administration, notes NBC News, and appears to at least temporarily end the US threat of a ban on diesel exports. It comes after a 400-million-barrel crude release by International Energy Agency members in March that failed to stop prices from rising: US diesel now averages $6.37 a gallon, up 70% since late February, and Brent crude is hovering around $100 a barrel.