Oil prices fell slightly on Friday after G7 countries announced they would release stocks of diesel and crude oil to ease soaring fuel prices.
brent crude oil Futures prices, the international benchmark, fell 6 cents to close at $102.25 per barrel. west texas intermediate Crude oil prices fell $1.76 to settle at $91.11 per barrel.
“We will release significant amounts of diesel ahead of schedule within the first 20 days and deploy 100 million barrels of stockpiles over the next four months,” G7 leaders said in a joint statement. The G7 are France, Canada, Germany, Italy, Japan, the United Kingdom, and the United States.
Tensions are rising in the Middle East as Western countries prepare to release more stocks. Saudi Arabia is planning an offensive against Iran-backed Houthi militants in Yemen, regional and Western officials told Reuters.
Oil prices rose and then settled down following reports that the United States is sending its third aircraft carrier strike group to the Middle East.
Brent crude oil price for the past 6 months.
The Trump administration has called on Europe to release its diesel stocks as the world faces fuel shortages due to wars in Eastern Europe and the Middle East.
“America’s farmers, truckers and businesses should not have to shoulder the burden of a global diesel shortage,” Treasury Secretary Scott Bessent said Thursday.
US President Donald Trump had suggested he might impose a ban on diesel exports, but appeared to cool that idea earlier this week, citing the potential impact on gasoline prices.
The United States supplied about half of the EU’s diesel imports in August, according to the International Energy Agency, highlighting the potential for export bans on 27 countries.
