G7 leaders agreed on Friday to release up to 100 million barrels of crude oil and diesel from emergency reserves. The move targets record diesel prices that are squeezing farmers, truckers and households.The coordinated release will run over four months. It will be managed by the International Energy Agency, with a large diesel tranche front-loaded in the first 20 days.

French President Emmanuel Macron led the emergency videoconference.US diesel prices have hit record highs. AAA data put the average near 6.50 dollars a gallon, after a record 6.52 dollars in late September. European diesel has also touched all-time highs above 2.24 euros a litre.The crunch comes from several shocks.

Ukrainian strikes have damaged Russian refineries, China has curbed diesel exports, and the conflict around Iran has strained Middle East supply. Harvest season has added demand for farm machinery.President Trump dropped a threat to ban US diesel exports after the deal. Analysts say the release brings short-term relief, but lasting calm needs an easing of geopolitical tensions.