G7 countries have agreed to release up to 100 million barrels from strategic reserves of diesel and oil in response to U.S. pressures and rising prices.
The International Energy Agency has lowered its forecasts for global oil supply and demand for the remainder of the year due to tensions in the Middle East.
Oil prices rose early this week in response to ongoing uncertainties regarding the reopening of the Strait of Hormuz and tensions between Iran and the United States.
European markets show a positive close, supported by American data and falling oil prices.
BusinessTagblick Newsdesk
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