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Crude oil pared earlier losses to trade near $92 a barrel on Friday, rebounding from a one-month low of $88.06 hit earlier in the session. The move came after G7 nations announced plans to release crude and diesel from strategic reserves in an effort to cool surging fuel prices. Under the plan, the G7 will deploy 100 million barrels of reserves over the next four months.
In a joint statement, G7 leaders also pledged to “refrain from export restrictions on energy and energy products between G7 countries” and urged producing nations to avoid any steps that could heighten tensions in energy markets.
At the same time, crude exports from the Persian Gulf are at or close to prewar levels, though shipment volumes remain volatile. In contrast, geopolitical risks remain elevated, with reports that the US is preparing to send a third aircraft carrier strike group to the Middle East. That buildup is stoking fears of a potential escalation in the protracted conflict and a renewed threat to oil supplies.
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