The G7 agreed to release up to 100 million barrels of diesel and crude oil over four months to combat soaring energy prices driven by the Iran conflict and Russia-Ukraine war. The coordinated release, announced following a videoconference hosted by French President Macron, aims to replace banned Russian exports and temporarily reduce diesel prices, though analysts note it does little to increase refinery capacity.
Japan announced new sanctions against Russia targeting a shadow fleet of 35 vessels transporting sanctioned oil, restricting services including insurance and maritime transport. The measures also target 33 Russian entities and nine individuals, with additional export restrictions on goods and entities in the UAE and Turkey, aiming to reduce Moscow's war funding.
The Trump administration is pressuring EU nations, particularly France and Germany, to release diesel stockpiles to address soaring prices caused by the US war on Iran. An emergency EU meeting is planned as G7 leaders seek coordinated solutions, with diesel prices up 70% since the conflict began and threatening Republican prospects in upcoming midterm elections.
The US is pressuring European allies to release strategic diesel reserves immediately to combat soaring prices caused by the Iran conflict, with the Trump administration threatening to ban diesel exports if Europe doesn't comply. EU officials will meet Friday to discuss a coordinated response, while France and Germany say they're seeking balanced solutions.