G7 agrees 100 million-barrel emergency oil release amid US pressure over diesel

G7 countries have agreed to release up to 100 million barrels of oil from strategic reserves over four months in a coordinated effort to bring down soaring energy prices, with a particular focus on diesel.

The release will be coordinated by the International Energy Agency (IEA), with a substantial amount of diesel to be made available within the first 20 days, according to a G7 statement.

French President Emmanuel Macron, who currently holds the G7 presidency, said the countries had agreed to act together to ease pressure on energy prices.

"We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months," the statement said.

The move comes after growing pressure from Washington for countries to release strategic reserves as diesel prices rise and supplies tighten.

Earlier on Friday, the European Commission pushed back against what it described as US "threats" to force European countries to act.