Leaders agree a coordinated drawdown within four months as rising prices put pressure on households and economies

Leaders of G7 nations are to release up to 100m barrels of their emergency diesel and crude oil stockpiles after coming under pressure from Donald Trump to ease surging fuel prices.

The drawdown of reserves from some of the world’s largest economies will be coordinated by the International Energy Agency (IEA) and will take place within four months, according to France’s president, Emmanuel Macron.