The release of strategic reserves will begin immediately, the US president said in a post, while according to Macron the 100 million barrels will be released gradually over the next four months

In a short message on Truth Social on Friday afternoon, Donald Trump announced that Europe had just agreed to release a “huge portion” of its strategic diesel reserves.

In a parallel development, the G7 announced that it had agreed to release 100 million barrels over the next four months, according to French President Emmanuel Macron, who currently chairs the group of seven.

According to the US president, the release of oil from strategic reserves will begin immediately.

Shortly after the announcements, Brent crude was trading at around $99 a barrel, down from $103 at the open.

Trump’s message read: “Europe has just agreed to release a huge amount of its plentiful diesel reserves. The process will begin immediately. Thank you for your attention to this matter! President Trump.”

Pressure to release reserves

Earlier today, reports suggested that EU member states were considering a French proposal to tap crude oil and fuel reserves, as pressure mounts from Washington to tackle diesel shortages and head off possible restrictions on US fuel exports.

US Treasury Secretary Scott Bessent also called on European partners to help stabilise supply, which has been disrupted by turmoil in the Persian Gulf as well as by Ukrainian strikes on Russian refineries.

The development comes as the oil market shows signs of improvement on the supply side. Crude flows from the Middle East have come close to pre-war levels, easing some concerns over global oil availability.

However, uncertainty remains high, as Washington and Tehran are still far from a firm agreement that would allow the Strait of Hormuz, one of the world’s most important oil transit routes, to reopen fully.

Meanwhile, risks to shipping remain elevated following reports of attacks on tankers. This keeps the threat of fresh disruption to maritime transport and energy flows from the Persian Gulf at the centre of the market’s attention.

According to reports, the US has also bolstered the air defences protecting energy facilities in Saudi Arabia and Qatar, a sign that Washington is preparing for the possibility of further escalation in the region.