G7 to release 100 million barrels of oil and diesel, will it curb prices?

The Group of Seven countries has agreed to release 100 billion barrels of crude oil and diesel from emergency reserves over several months in an effort to reduce soaring energy prices after pressure from US President Donald Trump. The US and Israel’s war on Iran, as well as Russia’s war on Ukraine, have triggered a spike in global oil and diesel prices. Oil prices ‌jumped on Thursday and settled up more than $4 a barrel. Global diesel prices also hit a record high last Friday with the average price for a gallon (3.79 litres) of diesel at $6.50, up from $5.61 a month earlier, according to the American Automobile Association (AAA).