The Group of Seven (G7) nations will release 100 million barrels of strategic energy reserves over the next four months to tame record fuel costs, as Brent crude oil holds above US$102 a barrel amid escalating US military deployments to the Middle East. Brent traded at US$102.24 per barrel and West Texas Intermediate (WTI) stood at US$92.62 on Friday (October 2). While crude benchmarks face a modest weekly decline due to rebounding export flows from the Persian Gulf, prices remain elevated with the prolonged closure of the Strait of Hormuz. The G7 emergency intervention targets severe shortages in refined products….
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