Oil prices slip as G7 releases fuel reserves amid Middle East tensions

Crude oil prices edged lower Friday, after the Group of Seven nations announced the release of diesel and crude stocks to ease a surging fuel prices.

Brent crude futures, the international benchmark, lost 6 cents to close at $102.25 per barrel, while U.S. West Texas Intermediate crude shed $1.76 to settle at $91.11 per barrel.

The G7 will deploy 100 million barrels of reserves over the next four months "with a frontloaded substantial diesel release within the first 20 days," the group's leaders said in a joint statement. The G7 are France, Canada, Germany, Italy, Japan, the United Kingdom and the United States.

Meanwhile, Saudi Arabia is planning an offensive against Iran-backed Houthi militants in Yemen, unnamed regional and Western officials told Reuters.

The Trump administration has called on Europe to release diesel stocks as the world faces fuel supply shortfall due to the wars in Eastern Europe and the Middle East.

Treasury Secretary Scott Bessent said Thursday that "American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage."

U.S. President Donald Trump, who has repeatedly touted the prospect of a diesel export ban, appeared to cool on the idea earlier this week, following a resurgence in crude exports through the strategically vital Strait of Hormuz.

The U.S. supplied around half of the EU's diesel imports in August, according to the International Energy Agency, underscoring the 27-nation bloc's exposure to a potential export ban.

Oil prices settled higher in the previous session amid a report that the U.S. is sending a third aircraft carrier strike group to the Middle East, along with an amphibious force carrying 2,000 Marines, raising the stakes for an escalation in the months-long conflict.