G7 Announces 100 Million Barrel Reserve Release Impacting Oil Prices

On October 6, 2026, oil prices experienced a decline following a rise in crude exports from the Middle East, which exceeded pre-war levels for four out of seven days in the last week of September. Brent crude futures decreased by $1.20, or 1.17 percent, to $101.05 a barrel, while West Texas Intermediate crude fell by $1.16, or 1.27 percent, to $89.95 per barrel.

This drop was influenced by the Group of Seven (G7) nations' decision to release 100 million barrels of crude and diesel from their emergency reserves. The G7's agreement, made on the previous Friday, also included a commitment to avoid energy export restrictions, responding to pressure from United States President Donald Trump.

Despite the planned release, the extent of the additional supply remains uncertain. Fatih Birol, the Executive Director of the International Energy Agency (IEA), indicated that member countries had already released approximately two-thirds of a total 400-million-barrel volume.