Global oil prices experienced a sharp drop on Friday following an agreement by G7 nations to execute a coordinated release of strategic oil reserves through the International Energy Agency across a four-month timeframe.
To alleviate supply anxieties that had previously driven prices upward, the G7 announced the release of 100 million barrels of oil and diesel.
This policy decision followed pressure from President Donald Trump, who urged the European Union to tap into its strategic diesel reserves or risk facing a United States export ban on diesel.
In response to the development, international benchmark Brent crude temporarily dropped under $100 per barrel before settling near $102, whereas US oil prices dropped by as much as five percent.
Although Middle Eastern crude oil exports have gradually approached pre-war figures over recent weeks, the market supply for refined fuels such as diesel continues to face constraints as a result of refinery damage sustained during the conflict.
