Despite Group of Seven coordination to release 100 million barrels, global oil prices mixed; Brent crude at $102

【Financial News, New York—Lee Byung-cheol, correspondent】  The Group of Seven (G7) agreed to release 100 million barrels of strategic reserves to curb surging fuel prices, but global oil prices did not show a clear decline. West Texas Intermediate crude oil (WTI) fell into the $91-per-barrel range, while Brent crude, the global benchmark, climbed above $102. The market appears to be drawing support from supply concerns surrounding the Middle East despite the G7's coordinated response.
According to CNBC and other outlets on the 2nd local time, Brent crude futures rose 9 cents to $102.40 per barrel. WTI futures, meanwhile, fell $1.47 to $91.48.
The key factor affecting oil prices that day was the G7's decision to release strategic reserves. In a joint statement, G7 leaders said they would supply a total of 100 million barrels of strategic reserves to the market over the next four months. Regarding diesel, where the global supply shortage is particularly severe, they explained, "A substantial volume will be released ahead of schedule within the first 20 days."
The G7 consists of the United States, the United Kingdom, France, Germany, Italy, Canada and Japan. The Trump administration has been calling on Europe to release its diesel reserves as well.
U.S. Treasury Secretary Scott Bessent stressed, "American farmers, truck drivers and businesses should not be forced to bear the burden of a global diesel shortage."
As the G7's coordinated response gathers momentum, attention is also turning to the possibility of a diesel export ban that U.S. President Donald Trump has raised. Trump repeatedly mentioned restricting exports to lower diesel prices in the United States, but he appeared to back away from the proposal this week as crude oil exports through the Strait of Hormuz increased again.
U.S. restrictions on diesel exports could also have a significant impact on Europe. According to the International Energy Agency (IEA), the United States supplied about half of the European Union's total diesel imports in August.

[email protected] Lee Byung-cheol, correspondent Reporter