G7 Nations Announce Coordinated Release of 100 Million Barrels from Strategic Reserves

G7 nations announced a coordinated release of 100 million barrels of oil and diesel from strategic reserves in response to rising energy prices linked to disruptions in the Strait of Hormuz. The move aims to stabilize global fuel markets and cushion the impact on food supply chains, which depend heavily on diesel for agricultural production and maritime transport through the strait.