G7 Announces 100 Million-Barrel Oil Reserve Release as Hormuz Crisis Drives Up Prices

The Group of Seven has announced the release of 100 million barrels of oil from strategic reserves, as the crisis surrounding the Strait of Hormuz continues to push prices higher.

The announcement followed a US threat to halt diesel exports, adding another supply concern to an energy market already under pressure.

The reserve release would bring stored oil onto the market. Its effect on prices will depend in part on whether additional supplies can offset the pressures linked to the Hormuz crisis.

The US threat concerns diesel exports, while the G7 announcement concerns oil reserves. That distinction means the reserve release alone may not resolve concerns over diesel availability.