G7 Pledges Strategic Oil Reserve Release as Trump Welcomes European Diesel Agreement

US President Donald Trump delivered remarks during a rally for Texas Republican Senate candidate Ken Paxton at the Peterbilt Motors Company in Denton, Texas, USA, October 1, 2026. [Albert Pena/EPA]

Members of the Group of Seven (G7) have announced they will release up to 100 barrels of strategic oil reserves as prices continue to soar amid the US-Israel war with Iran. In a statement following a meeting chaired by French President Emmanuel Macron, the group stated that the release would take place over four months and feature \u201ca frontloaded substantial diesel release within the first 20 days by G7 members and partners\u201d.

The announcement followed moments after United States President Donald Trump posted on his Truth Social account that \u201cEurope has just agreed to release a massive amount of their heavily stocked Diesel Oil\u201d. The G7, which brings together the world\u2019s leading economies, includes European powers such as Germany, France, Italy and the United Kingdom, alongside the European Union as an observer member.

Trump recently pressured European nations to tap into their diesel stockpiles to alleviate skyrocketing prices driven by restricted traffic through the Strait of Hormuz. The supply disruption stems from the ongoing war with Iran, initiated by Trump alongside Israel on February 28. Previously, Trump threatened to ban US diesel exports should European countries fail to comply, a threat that the European Union formally rejected earlier on Friday.