The G7 nations have agreed to release 100 million barrels of oil over a period of four months in an effort to ease rising fuel prices. A significant portion of the diesel supply is expected to be released during the first 20 days.

The decision comes as diesel prices in the United States have reached record levels, increasing pressure on President Donald Trump and his administration ahead of the November midterm elections. Trump said European countries had agreed to release large quantities of diesel from their reserves and that the process would begin immediately.

The announcement followed an overnight conversation between Trump and French President Emmanuel Macron. France said the International Energy Agency will coordinate the release. The G7 and partner countries are expected to carry out the coordinated release of 100 million barrels over four months, with a substantial amount of diesel made available during the initial 20 days.

The move comes amid a sharp rise in fuel prices in the United States and other countries during the ongoing eight month war involving Iran. US diesel prices have increased significantly in recent weeks.

The national average price reached 6.37 dollars per gallon on Friday, according to AAA, after hitting a record 6.52 dollars per gallon on September 22.