00:00Oil prices fell sharply on Friday after G7 members announced a coordinated release of strategic oil reserves through the International
00:08Energy Agency over a period of four months.
00:12The group announced 100 million barrels of oil and diesel will be released to ease supply concerns that have caused
00:18prices to skyrocket.
00:20The measures come following pressure from President Donald Trump to tap the European Union's strategic diesel reserves or face a
00:28U.S. ban on diesel exports.
00:31International benchmark Brent crude briefly fell below $100 per barrel before stabilizing around $102, while U.S. oil prices slumped
00:40by up to 5%.
00:42While exports of crude oil from the Middle East have been returning to near pre-war levels in recent weeks,
00:47the situation for fuels like diesel remains tight due to refineries being damaged during the conflict.
