Nigeria, Oct. 3 -- Leaders of the Group of Seven (G7) have announced plans to release up to 100 million barrels of oil from strategic reserves as global oil prices continue to surge amid the ongoing war involving the United States, Israel and Iran.

The decision comes amid stalled negotiations and renewed geopolitical tensions that have heightened fears of prolonged disruptions to crude oil exports and shipping routes across the Middle East, raising concerns about the recovery of global oil supplies despite expectations of a ceasefire.

The sustained increase in crude oil prices underscores the market's sensitivity to developments in the region, with prices trading between approximately $104 and $108 per barrel amid persistent supply conc...