G7’s 100M-barrel emergency oil and diesel release over four months is about one day of global oil demand — a headline, not a fix. Diesel prices are at record highs as Strait of Hormuz shipping disrupt

What happened: The G7 agreed to release emergency fuel stocks as diesel shortages push up transport costs and strain household budgets. Prices have hit record highs. Key numbers: 100 million barrels of oil and diesel to be released over four months, about one day of global oil demand. Why it matters: Supply has tightened as shipping through the Strait of Hormuz is disrupted, Ukrainian attacks damage Russian refineries and China reportedly curbs exports. Diesel costs feed into food prices and economic growth.

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