G7 to release 100 million barrels of oil

(NBC, KYMA) - A new diesel deal with Europe may help bring down prices according to President Trump.

On Friday, the group of 7 member countries agreed to release 100 million barrels of diesel fuel and crude oil.

It's the latest move by industrial economies around the world to cap soaring gas prices.

President Trump making the announcement following a G7 videoconference hosted by French President Emmanuel Macron saying "The process will begin immediately."

The release is expected to take place over the course of four months, the G7 said in a statement with a substantial diesel release within the first 20 days.

The agreement between G7 countries comes after intense pressure from the Trump administration on its European allies, particularly Germany and France, which hold a large share of the European union's diesel reserves.

Gas prices have soared since the war with Iran began but diesel in particular has seen a renewed surge this summer after the Russia-Ukraine war escalated in July now more than $6 per gallon, on average.