Oil prices lower as G7 nations to release diesel stocks, Saudis reportedly plan attack on Houthis
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Crude oil prices edged lower Friday, after the Group of Seven nations announced the release of diesel and crude stocks to ease 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.
As Western nations prepare to release more stocks, tensions are simmering in the Middle East. Saudi Arabia is planning an offensive against Iran-backed Houthi militants in Yemen, regional and Western officials told Reuters .
Oil prices settled higher in the previous session following a report that the U.S. is sending a third aircraft carrier strike group to the Middle East.
Brent crude prices over the last six months. The Trump administration has called on Europe to release diesel stocks as the world faces a 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 has indicated the U.S. could impose a diesel export ban, but he appeared to cool on the idea earlier this week due to its potential impact on gasoline prices.
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.
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