Washington DC - President Donald Trump on Friday said European countries have agreed to release a "massive amount" of diesel from their reserves, with Washington pushing for action to curb spiralling prices due to the wars in Iran and Ukraine.

"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump posted on Truth Social.

French President Emmanuel Macron said G7 members agreed there will be "no ban" on diesel exports between G7 members, with G7 countries agreeing on Friday to release 100 million barrels of diesel and crude oil from their reserves over four months to "refrain from export restrictions on energy" and urging others to do the same.

"We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions," G7 leaders said in a statement released by Macron's office after talks to coordinate action on fuel prices.

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G7 countries agreed Friday to release 100 million barrels of diesel and crude oil from their reserves over four months, leaders said, agreeing to "refrain from export restrictions on energy" and urging others to do the same.

The announcement came after G7 leaders held talks to coordinate action on fuel prices, after the United States upped pressure on Europe to release its strategic reserves by threatening a diesel export ban.

EU chief Ursula von der Leyen welcomed the deal, which extinguished the US threat to impose a ban on diesel exports by coordinating the release of fuel reserves.

"We welcome the decision of G7 countries not to impose any export bans on allies and the continued solidarity between partners. We support an IEA-coordinated release of fuel stocks," the European Commission President wrote on X.