IEA: G7 to release 400 million barrels of oil from emergency reserves

G7 countries agreed to release 100 million barrels of crude oil and diesel from strategic reserves under U.S. pressure, citing Iranian restrictions in the Strait of Hormuz. The IEA reports that 325 million barrels have been released so far, with another 75 million still to reach the market. The goal is to stabilize global fuel prices.