Brent near $100 despite G7 100-million-barrel release
G7 nations agreed to release 100 million barrels of oil and diesel through the IEA over four months, with a front-loaded diesel shove in 20 days. Brent still hovered near $100 into the weekend as Hormuz tanker hits kept risk alive. U.S. diesel recently hit a record $6.50 a gallon.
Group of Seven leaders agreed Friday to a coordinated International Energy Agency release of 100 million barrels of crude and diesel over four months, including a “front-loaded substantial diesel release” in the first 20 days, The National and Al Jazeera reported. French President Emmanuel Macron chaired the video call after pressure from President Donald Trump, who posted that Europe would release a “massive amount” of diesel immediately. Leaders also pledged not to impose energy export bans among themselves.
Markets gave only a brief sigh. Brent slipped under $100 right after the announcement, then climbed back near $102 Thursday evening and still hovered around $100 into Sunday alongside fresh Hormuz tanker strikes, Times Now and Al Jazeera noted. AAA said the average U.S. diesel price hit a record $6.50 a gallon last Friday, up from $5.61 a month earlier. European pump diesel had reached about €2.24 a liter versus €1.59 before the Iran war began Feb. 28.
Why diesel stays tight: former IEA oil-markets chief Neil Atkinson told Al Jazeera Middle East product flows to Europe are constrained, Russia has stopped diesel exports after Ukrainian refinery strikes, and China has halted diesel exports while harvest demand stays high. IEA members had already released roughly two-thirds of a March 400-million-barrel pledge; CBS noted 325 million barrels out of 400 million promised. Trump dropped a threatened U.S. diesel export ban after the deal.
For truckers, farmers, and grocery shoppers, diesel is the tax on everything that moves. Watch Monday’s open, whether G7 members detail national shares, and if additional diesel tranches follow IEA talks.
What we know:
G7/IEA 100-million-barrel release is underway with diesel priority; Brent remains near $100; U.S. diesel recently set a record high.
What we don’t:
How much each country contributes, how long any price dip lasts once markets reopen, or whether Hormuz hits erase the relief.
Where outlets agree Al Jazeera, The National, and Times Now agree the G7 launched a 100-million-barrel oil/diesel reserve release while Brent stayed near $100 amid Hormuz risk.
Where they differ Macron says the release will bring diesel prices down while energy analysts warn the relief is temporary while Middle East and Russian product supply remain constrained.