G7 to release 100 million barrels of diesel reserves to combat rising prices

US President Donald Trump announced on Friday that Europe will release parts of its diesel reserves with immediate effect.

"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil," Trump posted on his Truth Social account, adding that the process will begin "immediately."

This comes as the US leader faces growing pressure at home due to mounting prices of oil and other goods as a result of the Iran war and his trade policies.

According to the American Automobile Association (AAA), the average price of a diesel gallon in the US was 6.37 dollars (5.65 euros).

Trump has argued the soaring prices are worth it in order to make sure Iran does not obtain nuclear weapons, with the prices supposedly coming down after the war's end.

Russia's ban on exports, which came due to Ukraine's attacks on its refineries, also contributed to the hit in diesel supply around the world.

French President Emmanuel Macron, who is also the G7 chair, confirmed the news by saying that the G7 will release up to 100 million barrels over the next four months.

Macron also committed to refraining from any trade-limiting measures when it comes to petroleum and energy products between partner countries.

"Our citizens' concerns about energy prices remain a top priority," G7 leaders said in a joint statement published by Macron.

"We will monitor developments closely and stand ready to adjust measures as needed."

This comes after a call between Macron and Trump on the issue took place overnight, the French Embassy in the US said.

The US had demanded France, Germany and other European countries to release 100 million diesel barrels within a 20-day window, Reuters reported, citing sources.