G7 leaders clinch deal to release 100 million barrels of diesel

One motorist in Buckinghamshire reports spending an additional £500 each month on fuel as average diesel prices in the UK climbed past the £2 mark per litre for the first time. This surge follows the stalling of shipping traffic through the Strait of Hormuz since the start of the Iran war, which has tightened global supplies. Leaders from the G7, including those from the UK, France, and Germany, confirmed the plan to stabilize markets following a video conference chaired by French President Emmanuel Macron. The effort aims to curb the rapid price increases that have placed significant financial pressure on commuters and businesses relying on heavy hauling vehicles. The release, coordinated through the International Energy Agency, will begin immediately with a substantial portion of diesel specifically earmarked for distribution within the first 20 days. Beyond addressing the immediate supply shortfall, the agreement mandates that no G7 nation will impose export restrictions on energy products, a measure designed to prevent further market volatility. This policy shift followed intense pressure from Washington, including a potential threat of a US diesel export ban that would have heavily impacted European markets. UK Transport Minister Keir Mather stated that the nation's supply remains robust, supported by diverse sources. While local station owners in the West Midlands have not reported panic buying, the G7 leaders emphasized that citizens' energy price concerns remain a top priority for their upcoming domestic agendas. The coordinated process is set to continue for a four-month period to ensure market stability.