G7 IEA 100M Barrel Release Largely Priced In; Diesel Export Ban Ruled Out

G7 leaders, under U.S. pressure, announced a coordinated 100 million barrel emergency oil stock release via the IEA, to be completed over four months. The move is largely priced in by markets, and President Trump ruled out a U.S. diesel export ban hours after European leaders agreed to the release, easing supply concerns. The release aims to counter record-high diesel prices ahead of the 2026 midterms, but its market impact is uncertain given the modest size relative to global demand.