G7 to Release 100 Million Barrels of Oil, Diesel Reserves Amid 'Unprecedented' Market Volatility

03:36 PM EDT, 10/02/2026 (MT Newswires) -- The Group of Seven countries on Friday outlined plans to release 100 million barrels of oil and diesel products over a four-month period, citing "unprecedented" market volatility amid disruptions caused by the US-Iran war. The coordinated release through the International Energy Agency will start immediately, including "a frontloaded substantial diesel release" within the first 20 days by G7 members and partners, the group said in a statement. The G7 member nations are the US, the UK, France, Canada, Germany, Italy, and Japan. In March, the IEA agreed to release a record 400 million barrels of oil in a bid to stem crude prices and address supply disruptions triggered by the Middle East conflict, which started at the end of February. "Facing unprecedented volatility in oil markets -- with surging prices threatening economic stability and the well-being of our citizens -- we have agreed on decisive, coordinated measures to stabilize immediate energy supplies, shield households and businesses from price shocks, and strengthen the long-term resilience of global energy systems," the G7 said Friday. West Texas Intermediate crude oil was little changed at $91.11 a barrel intraday, while Brent rose 0.2% to $102.45. However, crude oil prices have increased for three straight months amid fears of prolonged global supply disruptions driven by the US-Iran conflict. In the US, diesel prices surged to a record high of $6.5276 per gallon Sept. 22, with the current average price at $6.3726, according to data from AAA, a travel organization that tracks fuel prices nationwide. Regular gas prices in the US averaged $4.3961 per gallon Friday, compared with $3.1593 a year ago, AAA data showed. On Thursday, Reuters reported that the Trump administration had asked Germany and France to either release emergency diesel reserves or face a potential US export ban, as the US looked to reduce fuel prices before the midterm elections scheduled for Nov. 3, according to unnamed sources. "Stock releases could provide temporary relief into the peak demand period, but restoring refinery output and trade flows remains essential," Saxo Bank said in a note Friday. "Until then, elevated refining margins may limit the benefit consumers receive from falling crude prices." The G7 on Friday condemned Iran's "continued attacks" against its neighboring countries and called for the immediate and full restoration of "navigational rights and principles" in the Strait of Hormuz -- the world's most important chokepoint for crude flows. "We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions," the group said. "We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary."