IEA says 325 million barrels of emergency oil released, with 75 million still to come

AI Summary

The International Energy Agency says 325 million barrels of emergency oil have been released, with another 75 million barrels still expected. The release comes amid supply pressure linked to Iran’s restrictions on Strait of Hormuz shipping, after G7 leaders agreed to release 100 million barrels of diesel and crude following US pressure on Europe.

G7 leaders agreed on Friday to release 100 million barrels of diesel and crude after US pressure on Europe, with supplies squeezed by Iran's restrictions on shipping through the Strait of Hormuz.