Oil Prices Slide as G7 Moves to Tap Emergency Reserves

Global crude prices dropped sharply, with US oil sliding 5%, amid G7 efforts to release tens of millions of barrels from strategic stockpiles.

Global oil prices recorded sharp declines, with US crude plunging roughly 5%, news outlets Naharnet and EnergyNow reported. The steep drop followed talks among Group of Seven (G7) nations aimed at easing fuel costs, offsetting concerns over potential supply disruptions in the Middle East.

According to a report by TheMarker, G7 countries agreed to release 100 million barrels of oil from strategic reserves in an effort to curb recent price increases across international markets.

Further details regarding the timeline for the release and specific quota allocations among member states have not yet been released.