The G7 announced the release of up to 100 million barrels of oil and diesel from its strategic reserves over four months, under the coordination of the International Energy Agency. In response, Brent crude fell back below the $100 per barrel mark, dropping to a low of $98.40. This operation came as a result of pressure from Washington, which threatened to ban diesel exports to Europe, as the United States supplied approximately half of the diesel imported by the EU in August. The 100 million barrels represent roughly 830,000 barrels per day, accounting for just 6 % of the daily shortfall linked to disruptions in the Strait of Hormuz, according to the IEA.
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