The G7's diesel reserves are opening. G7 nations and partners will release up to 100 million barrels of emergency diesel and crude over four months through the IEA, with a frontloaded diesel tranche in the first 20 days - and members pledged no export restrictions on each other, defusing the standoff hours after Trump threatened a US diesel export ban, BBC reported. "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump wrote on Truth Social, Al Jazeera reported.
The deal landed too late to stop a grim milestone: UK diesel averaged 200.01p a litre on Friday, breaching £2 for the first time, with petrol at 174.71p. Rises are "showing no signs of slowing, heaping more misery onto motorists," the RAC said - filling a family diesel car now costs £110, £32 more than at the war's start. Norfolk farmer Mark Means, who spent £50,000 on storage tanks, said he is "frightened to death": "It feels like it's an assault," BBC reported.
Brent crashes back under $100 as gasoil dives 4%
Markets cheered instantly: European gasoil futures fell over 4%, Brent dropped about $3 to below $100 - down from the $107 panic top on the Hormuz standoff - and diesel's premium over crude shrank to $69 from $76.77. Relief was overdue: US diesel hit a record $6.50 a gallon, European diesel futures traded above $200 a barrel, and refinery outages from the Middle East to Russia removed millions of barrels of supply, OilPrice reported.
Diesel reserves catch: 100M may just finish March's promise
Read the fine print: the IEA already ordered a 400-million-barrel emergency release in March, only two-thirds done - and the G7 language suggests the 100 million helps complete those commitments rather than adding a clearly fresh tranche. It buys time but adds zero refinery capacity, the real bottleneck, OilPrice reported. The cushion is thin: the EU plus UK hold only ~52 million tonnes of fuel stocks, 38 million of it emergency reserves, and ministers reconvene at the IEA in days to weigh more releases, Al Jazeera reported.