Oil prices have stayed above pre-war levels, with Brent trading around $100 a barrel. The Strait of Hormuz remains a key factor for the market because of its importance to global oil and fuel shipments. (File Photo) Oil prices were mixed on Friday after the Group of Seven (G7) agreed to release up to 100 million barrels of crude oil and fuel from emergency reserves as governments seek to ease pressure on global energy markets. Brent crude, the international benchmark, was up around 9 cents at $102.40 a barrel, while US West Texas Intermediate (WTI) futures fell $1.47 to $91.48, according to market data cited by CNBC. The G7 said the release would take place over four months through the International Energy Agency (IEA), with a “substantial” amount of diesel to be released within the first 20 days. The move is aimed at increasing near term fuel availability and limiting further price increases. The reserve release comes as the global oil market remains highly sensitive to disruptions linked to the war involving Iran. Oil prices have stayed above pre-war levels, with Brent trading around $100 a barrel. The Strait of Hormuz remains a key factor for the market because of its importance to global oil and fuel shipments. The US has also been pressing European countries to release diesel stocks as fuel prices rise. US Treasury Secretary Scott Bessent said American farmers, truckers and businesses should not be left carrying the burden of a global diesel shortage. The G7 agreement also includes a commitment by members to avoid energy export restrictions between G7 countries, reducing concerns that restrictions on fuel shipments could further tighten global supplies. The additional supplies could provide short term relief, particularly in the diesel market, but the impact on crude prices may be limited if underlying supply disruptions continue. The 100 million barrels represents roughly one day of global oil demand, while the release will be spread across four months. The G7 has therefore prioritised diesel supplies during the first 20 days to address the most immediate pressure in refined fuel markets. The IEA has previously coordinated a much larger emergency stock release following the escalation of the Iran conflict. The latest decision therefore reflects continued concern over the resilience of global energy supplies. For oil traders, the key question remains whether crude and refined fuel flows through the Middle East can return towards normal levels. Any renewed disruption around the Strait of Hormuz could quickly offset the additional barrels entering the market. The G7 has also called for measures to increase refinery utilisation and coordinate maintenance schedules to prevent further losses in refining capacity. As a result, oil prices are likely to remain sensitive to developments in Middle Eastern supply routes, refinery capacity and the pace at which the emergency reserves are released. Working as Copy Editor at the Business Desk of Times Now Digital. Dedicated towards crafting interesting financial stories. Previously covered financi... View More