Oil Prices Lower as G7 Nations to Release Diesel Stocks, Saudis Reportedly Plan Attack on Houthis
The G7 will deploy 100 million barrels of reserves over the next four months, the group's leaders said in a joint statement.
TL;DR
- Crude oil prices fell on Friday following the G7's announcement to release diesel and crude oil reserves.
- Brent crude futures closed at $102.25 per barrel, and U.S. West Texas Intermediate crude settled at $91.11 per barrel.
- The G7 will release 100 million barrels of reserves over the next four months, with a substantial diesel release planned early on.
- Saudi Arabia is reportedly planning an offensive against Iran-backed Houthi militants in Yemen.
- The U.S. is sending a third aircraft carrier strike group to the Middle East.
- The Trump administration has urged Europe to release diesel stocks to address a global supply shortfall.
- The U.S. supplied approximately half of the EU's diesel imports in August.