India, Oct. 3 -- The Group of Seven industrial nations said they agreed to release 100 million barrels of oil, starting with "substantial" amounts of diesel after the fuel recently hit record-high prices in the United States, where President Donald Trump said the diesel release would happen "immediately."

Trump and his Republican Party face pressure to address surging prices ahead of November's midterm elections. Trump announced the action Friday on social media, saying, "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately." The president faces lagging approval ratings as the Iran war and his trade battles have increased US prices for oil and other goods.

Gas prices ...