G7 to release 100 million barrels as oil squeeze lifts Dated Brent above $120

· Oil & Gas

The G7 and its partners agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months, putting government inventories into a fuel market short of refinery output. Physical markets are tightening: Dated Brent surged above $120 while ICE Brent slipped toward $101, with European diesel stocks, droned tankers in Hormuz and China's refined-product export ban driving volatility.

Why it matters：An emergency release on this scale shows how badly refinery output and shipping disruption have squeezed physical fuel supply, and sets the tone for crude and diesel pricing.

Key points

  • The release covers as much as 100 million barrels of emergency diesel and crude over the next four months.
  • French President Emmanuel Macron said Friday that the release would proceed.
  • Dated Brent rose above $120 while ICE Brent slipped toward $101.

Sources (original reporting)

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